Correction for the pair EUR/USD is nearing completion. Estimated point of main scenario cancellation is at a level of 1.2215.
Main scenario: long positions will be relevant above the level of 1.2215 with a target of 1.2560 – 1.2650 once the correction has finished.
Alternative scenario:breakout and consolidation below the level of 1.2215 will allow the pair to continue rising to a level of 1.2040.
Analysis: supposedly, a horizontal correction in the form of the fourth wave iv of 5 continues developing inside the first (1) wave of senior level, which is triangle-shaped, within the 4-hour time frame. Apparently, the wave (d) of iv of junior level has been formed by now and the wave (e) of iv is forming at the moment. If the presumption is correct, after correction, the pair will continue to rise to the levels 1.2560 – 1.2650. The level 1.2215 is critical in this scenario.
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The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.3970.
Main scenario: long positions will be relevant from corrections above the level of 1.3970 with a target of 1.4465 – 1.4570.
Alternative scenario: breakout and consolidation below the level of 1.3970 will allow the pair to continue declining to a level of 1.3705.
Analysis: Supposedly, the fifth wave v of 5 continues forming within the first wave (1) of senior level within the 4-hour time frame. Apparently, a downward correction is nearing completion in the form of the fourth wave of junior level (iv) of v. If this assumption is correct, the pair will continue to grow to 1.4465 – 1.4570. The level 1.3970 is critical in this scenario.
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The pair USD/CHF is still likely to grow. Estimated pivot point is at a level of 0.9573.
Main scenario: long positions will be relevant from corrections above the level of 0.9573 with a target of 0.9770 – 0.9820.
Alternative scenario:breakout and consolidation below the level of 0.9573 will allow the pair to continue declining to a level of 0.9426.
Analysis: supposedly, an ascending correction in the form of the wave 2 of (3) of senior level continues developing within the 4-hour time frame. Apparently, the wave c of 2 continues forming, with the wave (iii) of c forming inside. If the presumption is correct, the pair will logically continue to rise to the levels 0.9770 – 0.9820. The level 0.9573 is critical in this scenario.
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The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 104.58.
Main scenario: long positions will be relevant above the level of 104.58 with a target of 109.60 – 110.80.
Alternative scenario:breakout and consolidation below the level of 104.58 will allow the pair to continue declining to a level of 101.84.
Analysis: Supposedly, a descending impetus in the form of the wave C stopped forming as part of the correction (B) of senior level within the 4-hour time frame. Apparently, the first wedge-shaped wave of junior level i of 1 of (С) has been formed and a local correction is developing now in the form of the wave ii of 1, currently shaped like a plane. If the presumption is correct, after correction, the pair will continue to rise to the levels 109.60 – 110.80. The level 104.58 is critical in this scenario.
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The pair USD/CAD is expected to grow. Estimated pivot point is at a level of 1.2526.
Main scenario: long positions will be relevant from corrections above the level of 1.2526 with a target of 1.2939 – 1.3126.
Alternative scenario:breakout and consolidation below the level of 1.2526 will allow the pair to continue declining to a level of 1.2444.
Analysis: Supposedly, a descending correction in the form of the wave ii of 3 stopped developing within the 4-hour time frame. Apparently, the wave (i) of iii started forming now, with the first counter-trend wave of junior level i of (i) formed inside. If the presumption is correct, the pair will continue to rise to levels 1.2939 – 1.3126. The level 1.2526 is critical in this scenario.
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