EUR/USD: wave analysis on 21.05.2015

May 21, 2015

Euro is declining as part of correction.

Presumably, the formation of the third wave of the senior level iii has completed. At the moment it seems that the correction as the fourth wave iv is being formed. Locally, the “bearish” impetus as the wave (a) of iv has completed. If this assumption is correct, it is possible that the pair will grow in the wave (b) for a short time and then will continue to decline to 1.0880 on the wave (c) of iv. Critical level for this scenario is 1.1465.

Trading tips

In the short-terms: buy the pair above the level of 1.1054 with the target of 1.1300. In the medium-term: wait for the completion of the local correction and sell below the level of 1.1465 with the target of 1.0880.

Alternative scenario

Breakdown of the level of 1.1465 and consolidation above this level will enable the price to continue the rise up to 1.1500–1.1600.

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