EUR/USD Wave analysis and forecast of 29.10 – 31.10: The pair is likely to decline. Estimated pivot point is at the level of 1.2840. Our opinion: Sell the pair from correction below the level of 1.2840 with the targets of 1.25 – 1.24 – 1.23. Alternative scenario: Breakout and consolidation of the price above of the level of 1.2840 will enable the price to continue growth to the levels of 1.2950 – 1.30. Analysis: Presumably, the formation of the “bullish” correction as the fourth wave has completed. Locally, one-two one-two momentum as the first wave (i) of v is nearing completion. If this assumption is correct, it makes sense to expect that the pair will decline in the fifth wave to the levels of 1.25 – 1.24 – 1.23. Critical level for this scenario is 1.2840.
Posted on: Wed, 29 Oct 2014 07:17:14 +0000
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