EUR/USD: Wave analysis and forecast of 28.02 – 07.03: Probability of decline in the pair is conserved. Estimated pivot point is at the level of 1.3775.
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Our opinion: Sell the pair from correction below the level of 1.3775 with the target of 1.36 – 1.35.
Alternative scenario: Breakout of the level of 1.3775 will enable the price to continue growth to the level of 1.39 – 1.40.
Analysis: It is not excluded that formation of ascending correction as the second wave, which took a shape of irregular plane, has completed. At the moment it is assumed that lead-in structure in the shape of diverging wedge as the first wave is being formed. If this assumption is true and the price does not break down the critical level of 1.3775, it makes sense to expect that the pair will decline to the levels of 1.36 – 1.35. Following breakdown of the level of 1.3470, the price may go down to the levels of 1.33 – 1.32.
