EUR/USD: Wave analysis and forecast of 28.03 – 4.04: The pair continues to decline. Estimated pivot point is at the level of 1.3844.
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Our opinion: In the short-term: sell the pair from correction below the level of 1.3844 with the target of 1.3670 – 1.36. In the medium-term: wait for the ascending correction.
Alternative scenario: Breakout of the level of 1.3844 will enable the price to continue growth to the level of 1.39.
Analysis: Presumably, the first wave of the new downtrend, which takes a shape of a diagonal, is being formed. Locally, the fifth wave with the target of 1.3670 is being formed. If this assumption is true and in case the price does not break down critical level of 1.3844, it makes sense to expect that the price will go down to 1.3670 – 1.36.
