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EUR/USD: Wave Analysis And Forecast For May 11-18, 2018

EUR/USD: Wave Analysis And Forecast For May 11-18, 2018

Descending trend for the pair EUR/USD continues. Estimated pivot point is at a level of 1.2047.Main scenario: short positions will be relevant with a target of 1.1700 once correction has finished below the level of 1.2047.Alternative scenario:breakout and consolidation above the level of 1.2047 will allow the pair to continue the rise up to the levels of 1.2190 – 1.2415.

Analysis: An ascending impetus in a form of the wave (1) of senior level is supposed to have finished forming within the daily time frame. A downward correction (2) has supposedly started forming. Apparently, the wave A of (2) is developing at the moment, with the third wave of junior level iii of A forming inside. If the assumption is correct, the pair will continue falling to the level of 1.1700 or lower once the correction (iv) of iii is completed. The level 1.2047 may be critical in this scenario.

EUR/USD 4-Hour Chart

EUR/USD Daily Chart

EUR/USD: Wave analysis and forecast for 11/05/2018 – 18/05/2018

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