EUR/USD: wave analysis
09 June 2020, 09:08
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.1291 |
| Take Profit | 1.1490, 1.1723 |
| Stop Loss | 1.1193 |
| Key Levels | 1.0874, 1.1017, 1.1193, 1.1490, 1.1723 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.1190 |
| Take Profit | 1.1017, 1.0874 |
| Stop Loss | 1.1250 |
| Key Levels | 1.0874, 1.1017, 1.1193, 1.1490, 1.1723 |
The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began, within which the wave 1 of (3) develops. Now, the third wave of the lower level (iii) of iii of 1 is forming, within which the wave iii of (iii) has ended, and a local correction is developing as the fourth wave iv of (iii). If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1490–1.1723. In this scenario, critical stop loss level is 1.1193.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.1193 with the targets at 1.1490–1.1723. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1193 will let the pair go down to the levels of 1.1017–1.0874.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began, within which the wave 1 of (3) develops. Now, the third wave of the lower level (iii) of iii of 1 is forming, within which the wave iii of (iii) has ended, and a local correction is developing as the fourth wave iv of (iii). If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1490–1.1723. In this scenario, critical stop loss level is 1.1193.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.1193 with the targets at 1.1490–1.1723. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1193 will let the pair go down to the levels of 1.1017–1.0874.
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