EUR/USD: wave analysis on 09.07.2015

July 9, 2015

Correction continues.

The European currency continued to decline, and, apparently, the correction of the senior level within the wave 2 is forming. Locally, supposedly, the zigzag within the first wave a of 2 has finished, and a wave b of 2 towards 1.1200 has started to form. If the assumption is correct, when the correction is completed, the pair continues to decline.

Trading tips

As a short-term trade, buy the pair from correction above 1.0910 with the target at 1.1200.

Alternative Scenario

Breakdown and consolidation below 1.0910 would allow the pair to continue falling towards 1.0800-1.0700 within the correction of the senior level.

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