EUR/USD is still likely to grow. Estimated pivot point is at the level of 1.1191.
Main scenario: “long positions” are relevant from corrections above the level of 1.1191 with the target in 1.1413 – 1.1572.
Alternative scenario: breakout and consolidation below 1.1191 will allow the pair to continue to decrease to 1.1100 – 1.1000.
Analysis: within the daily timeframe, the formation of a downward correction of a senior level as the second wave 2 has presumably completed, and took the form of a zigzag with a diagonal in wave (C) of 2. On the 4 – hour timeframe, presumably, the development of the third wave 3 has begun, the wave 1 of (1) of 3 had been formed within and the correction 2 of (1) had been completed. Within the H1 timeframe, the third wave 3 of (1) has apparently begun, which includes a counter-trend impulse (i) of i of 3 and the correction (ii) of i has been completed. If the assumption is correct, the pair will continue to rise to 1.1413 – 1.1572. Critical level for this scenario is 1.1191.
EUR/USD: Wave Analysis And Forecast For July 19-26, 2019
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