EUR/USD: Wave analysis and forecast of 04.04 – 11.04: European currency is under pressure. Decline in the pair is likely to continue. Estimated pivot point is at the level of 1.3820.
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Our opinion: Sell the pair from correction below the level of 1.3820 with the target of 1.3550.
Alternative scenario: Breakout of the level of 1.3820 will enable the price to continue growth to the level of 1.39.
Analysis: It is not ruled out that bullish correction in the second wave has completed and the pair continues to decline in the third wave. Locally, bearish impetus has completed as the first wave within the third wave of the senior level. If this assumption is true and the price does not break down critical level of 1.3820, we can expect that following slight correction, the pair will continue to decline to the level of 1.3560. As an alternative scenario irregular flat correction in the second wave of the senior level can develop. In this case break down of the level of 1.3821 can trigger the rise in the pair to 1.3880 – 1.39.
