EUR/USD: wave analysis
23 May 2018, 09:19
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.1760 |
| Take Profit | 1.2005, 1.2095 |
| Stop Loss | 1.1716 |
| Key Levels | 1.1550, 1.1716, 1.2005, 1.2095 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.1710 |
| Take Profit | 1.1550 |
| Stop Loss | 1.1770 |
| Key Levels | 1.1550, 1.1716, 1.2005, 1.2095 |
The pair can grow within the correction.
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the development of the third wave of the lower level iii of А has ended. If the assumption is correct, the pair will grow within the fourth wave iv of A to the levels of 1.2005–1.2095. The level of 1.1716 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.1716 with the targets at 1.2005–1.2095. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1716 will let the pair go down to the level of 1.1550.
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the development of the third wave of the lower level iii of А has ended. If the assumption is correct, the pair will grow within the fourth wave iv of A to the levels of 1.2005–1.2095. The level of 1.1716 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.1716 with the targets at 1.2005–1.2095. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1716 will let the pair go down to the level of 1.1550.
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