EUR/USD: wave analysis
29 January 2019, 08:44
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.1436 |
| Take Profit | 1.1210, 1.1150 |
| Stop Loss | 1.1461 |
| Key Levels | 1.1150, 1.1210, 1.1461, 1.1540, 1.1568 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.1465 |
| Take Profit | 1.1540, 1.1568 |
| Stop Loss | 1.1430 |
| Key Levels | 1.1150, 1.1210, 1.1461, 1.1540, 1.1568 |
The pair is in a correction, the fall is possible.
On the 4-hour chart, an upward correction of the higher level developed as the wave ii of C of (2). Now the formation of the third wave iii has begun, within which the first wave of the lower level (i) of iii has formed, and the development of the local correction (ii) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1210–1.1150. In this scenario, critical stop loss level is 1.1461.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 1.1461 with the targets at 1.1210–1.1150. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1461 will let the pair grow to the levels of 1.1540–1.1568.
On the 4-hour chart, an upward correction of the higher level developed as the wave ii of C of (2). Now the formation of the third wave iii has begun, within which the first wave of the lower level (i) of iii has formed, and the development of the local correction (ii) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1210–1.1150. In this scenario, critical stop loss level is 1.1461.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 1.1461 with the targets at 1.1210–1.1150. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1461 will let the pair grow to the levels of 1.1540–1.1568.
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