EUR/USD: wave analysis
23 August 2018, 09:26
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.1565 |
| Take Profit | 1.1462, 1.1425 |
| Stop Loss | 1.1625 |
| Key Levels | 1.1425, 1.1462, 1.1625, 1.1745, 1.1800 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.1630 |
| Take Profit | 1.1745, 1.1800 |
| Stop Loss | 1.1570 |
| Key Levels | 1.1425, 1.1462, 1.1625, 1.1745, 1.1800 |
The pair can grow.
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction as a wave B of (2) began. Now the wave a of B is developing, within which the entry momentum of the lower level (i) of a has formed. If the assumption is correct, the pair will fall to the levels of 1.1462–1.1425 within the wave (ii) of a. The level of 1.1625 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1625 with the targets at 1.1462–1.1425. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1625 will let the pair grow to the levels of 1.1745–1.1800.
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction as a wave B of (2) began. Now the wave a of B is developing, within which the entry momentum of the lower level (i) of a has formed. If the assumption is correct, the pair will fall to the levels of 1.1462–1.1425 within the wave (ii) of a. The level of 1.1625 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1625 with the targets at 1.1462–1.1425. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1625 will let the pair grow to the levels of 1.1745–1.1800.
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