EUR/USD
Descending trend for the pair EUR/USD continues. Estimated pivot point is at a level of 1.2047.
Main scenario: short positions will be relevant with a target of 1.1700 once correction has finished below the level of 1.2047.
Alternative scenario:breakout and consolidation above the level of 1.2047 will allow the pair to continue the rise up to the levels of 1.2190 – 1.2415.
Analysis: An ascending impetus in a form of the wave (1) of senior level is supposed to have finished forming within the daily time frame. A downward correction (2) has supposedly started forming. Apparently, the wave A of (2) is developing at the moment, with the third wave of junior level iii of A forming inside. If the assumption is correct, the pair will continue falling to the level of 1.1700 or lower once the correction (iv) of iii is completed. The level 1.2047 may be critical in this scenario.
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The pair GBP/USD is still likely to fall Estimated pivot point is at a level of 1.3620 .
Main scenario: short positions will be relevant from corrections below the level of 1.3620 with a target of 1.3268.
Alternative scenario: breakout and consolidation above the level of 1.3620 will allow the pair to continue the rise up to the levels of 1.3738 – 1.3800.
Analysis: Supposedly, an ascending impetus in the form of the first wave (1) of senior level has stopped forming within the day time frame. Apparently, a descending correction in the form of the wave (2) started developing locally, with the wave (A) forming as an impetus inside. If this assumption is correct, the pair will go on dropping to the level of 1.3268. The level 1.3620 may be critical in this scenario.
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Ascending trend for the pair USD/CHF continues Estimated pivot point is at a level of 0.9998.
Main scenario: long positions will be relevant from corrections above the level of 0.9998 with a target of 1.0137 – 1.0190.
Alternative scenario:breakout and consolidation below the level of 0.9998 will allow the pair to continue declining to the levels at 0.9927 – 0.9850.
Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) finished developing within the day frame and the wave (3) started forming. Apparently, an ascending impetus is forming now as the first wave 1 of (3), with the third wave of junior level iii of 1 going on to develop inside. If the presumption is correct, the pair will continue to rise to levels 1.0137 – 1.0190. The level 0.9998 may be critical in this scenario.
Ascending trend for the pair USD/JPY continues Estimated pivot point is at a level of 108.80.
Main scenario: long positions will be relevant from corrections above the level of 108.80 with a target of 110.82 – 112.07.
Alternative scenario:breakout and consolidation below a level of 108.80 will allow the pair to continue declining to the levels 107.80 – 107.33.
Analysis: Supposedly, an ascending impetus continues to form as the first wave 1 of (C) within the 4-hour time frame. Apparently, the third wave of junior level iii of 1 is forming now, with a local correction (iv) of iii completed inside. If the presumption is correct, the pair will continue to rise to the levels of 110.82 – 112.07. The level 108.80 is critical in this scenario.
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The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.2668.
Main scenario: long positions will be relevant from corrections above the level of 1.2668 with a target of 1.3126.
Alternative scenario:breakout and consolidation below the level of 1.2668 will allow the pair to continue declining to a level of 1.2520.
Analysis: Supposedly, a descending correction in the form of the wave ii of 3 stopped developing and the wave iii of 3 has started forming within the 4-hour time frame. Apparently, an ascending impetus in the form of wave (i) of iii has been formed and the local irregular correction (ii) of iii is nearing completion at the moment. If the presumption is correct, the pair will continue to rise to the level of 1.3126 once the correction has been completed. The level 1.2668 may be critical in this scenario.
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