EUR/USD Wave analysis and forecast of 22.08 – 29.08: Bearish correction is likely to form .

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Estimated pivot point is at the level of 1.3240.

Our opinion: In the short-term: buy the pair from correction above the level of 1.3240 with the targets of 1.3350 – 1.3370. In the medium-term: wait for the completion of the fourth wave.

Alternative scenario: Breakout and consolidation below the level of 1.3240 will make the price go down to the levels of 1.32 – 1.3150 in the extension of the third wave.

Analysis: Presumably, the formation of the third wave (iii) of the bearish momentum has completed. Locally, the formation of the fourth wave (iv) is not excluded. If this assumption is correct, after the completion of the fourth wave the pair will continue to decline to the levels of 1.31 – 1.3040 in the final fifth wave (v).

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