Saturday, March 12, 2016

EUR/USD: Wave analysis and forecast for 11.03 – 18.03: Uptrend continues.

EUR/USD: Wave analysis and forecast for 11.03 – 18.03: Uptrend continues
EUR/USD: Wave analysis and forecast for 11.03 – 18.03: Uptrend continues.
Estimated pivot point is at the level of 1.0820.

Our opinion: Buy the pair from correction above the level of 1.0820 with the target of 1.15 – 1.16.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0820 will allow the pair to continue decline to 1.07 – 1.06.

Analysis: Presumably, the formation of the fifth wave (v) of I continues. Locally it is likely that the third wave of the junior level iii of (v) has formed as a momentum and correction is being formed as the fourth wave iv. If this assumption is correct, after completion of the correction the pair can go up to 1.1500 in the fifth wave v of (v). Critical level for this scenario is 1.0820.