EUR/USD: wave analysis on 16.06.2015

June 16, 2015

Uptrend continues

Presumably, the fifth wave within a counter-trend wedge continues to develop. By all appearances, the first wave of junior level (i) of v and its correction have finished developing. If this assumption is correct and the price does not break the critical level 1.1184, it's logical to expect the pair to continue rising to the levels 1.1600-1.1700.

Trading tips

Buy the pair from corrections above a level of 1.1184 with a target at 1.1600-1.1700. Sell the pair with a target at 1.1100-1.1000 in case the level 1.1184 is broken.

Alternative scenario

Breakout and consolidation below the level of 1.1184 will allow the pair to continue declining to the levels 1.1100-1.1000 within the wave (ii).

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