EUR/USD: Wave analysis and forecast of 09.05 – 16.05: The pair is likely to decline.
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Estimated pivot point is at the level of 1.3995.
Our opinion: Sell the pair from correction below the level of 1.3995 with the target of 1.37 – 1.36.
Alternative scenario: Breakout of the level of 1.3995 will enable the price to continue growth to the level of 1.41.
Analysis: Presumably, the formation of the zigzag (a)(b)(c) has been completed in the final fifth wave of the diagonal triangle, which is nearing completion of the long-term upward correction in the weekly timeframe. Locally, it is possible that the first in-lead wave of the long-term downtrend is being formed. Critical level for this scenario is 1.3995.
