EUR/USD: Wave analysis and forecast of 20.06 – 27.06: Local correction is nearing completion. The decline in the pair is likely to continue.
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Estimated pivot point is at the level of 1.3680.
Our opinion: Sell the pair from correction below the level of 1.3680 with the target of 1.34 – 1.33.
Alternative scenario: Breakout of the level of 1.3680 will allow the price to continue the growth up to the levels of 1.3750 – 1.38.
Analysis: Presumably, the formation of the local correction in the second wave, which took shape of the irregular plain, has completed. Locally, the in-lead wave i of (iii) has been formed and minor correction in the second wave ii of (iii) is nearing completion. If this assumption is correct, following the completion of the current correction the pair will continue to decline in the third wave iii of (iii). Critical level for this scenario is 1.3680. In case of breakdown the pair will continue to grow to the levels of 1.3750 – 1.38.
Alternatively:
