EUR/USD: Wave analysis and forecast of 27.06 – 04.07: The pair is undergoing correction. The pair is likely to decline in the medium-term.
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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, is nearing completion. Locally it is possible that the wave c of (ii) has been formed, and if this assumption is correct, the pair will continue to decline in the third wave. Critical level for this scenario is 1.3680. If this level is broken down the pair will continue to grow, and the correction will deepen to the level of 1.3750 – 1.38 in the second wave.
