EUR/USD: wave analysis on 17.08.2015

August 17, 2015

A growth possibility remains.

Assumingly, the third wave of the senior level 3 is forming. Locally, the first wave i of 3 in a shape of a diagonal seems to be forming. If the assumption is correct the growth towards 1.1300, 1.1400 continues after a small correction. A critical for this scenario is the level of 1.0840, the breakdown of which would allow the pair to fall to 1.0700.

Trading tips

Wait for the correction to end and buy the pair above the level of 1.0840 with targets at 1.1200, 1.1400.

Alternative scenario

The breakdown and consolidation below the level of 1.0840 would allow the pair to fall to 1.0700, 1.0650.

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