EUR/USD Wave Analysis: 27/07/2018 – 03/08/2018
EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1752.
Main scenario: short positions will be relevant from corrections below the level of 1.1752 with a target of 1.1439.
Alternative scenario: breakout and consolidation above the level of 1.1752 will allow the pair to continue rising to a level of 1.1998.
Analysis: On the daily time frame, an upward impetus is formed as the first wave of senior level (1) and a downward correction continues forming as wave (2). On the 4H time frame, the downward impetus continues developing within the wave A of (2), with a local correction completed inside in the form of the triangular wave iv of A. Apparently, the final fifth wave v of A started forming on the 1H time frame. If this assumption is correct, the pair will continue to drop to 1.1439. The level 1.1752 is critical in this scenario.