EUR/USD
The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1309.
Main scenario: long positions will be relevant from corrections above the level of 1.1309 with a target of 1.1511 – 1.1586.
Alternative scenario: Breakout and consolidation below the level of 1.1266 will allow the pair to continue declining to the levels of 1.1200 – 1.1150.
Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues developing within the daily frame. Presumably, the wave С of (2) is developing in H4 timeframe, with the wave i of C formed and an upward correction forming as wave ii of C inside. On H1 timeframe, apparently the wave (b) of ii has formed and the wave (c) of ii is developing, with wave iii of (c) forming inside. If the presumption is correct, the pair will logically continue to rise to the levels 1.1511 – 1.1586. The level 1.1309 is critical in this scenario.
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The pair GBP/USD is still likely to rise. Estimated pivot point is at a level of 1.2656.
Main scenario: long positions will be relevant above the level of 1.2656 with a target of 1.3175 – 1.3305.
Alternative scenario: breakout and consolidation below the level of 1.2656 will allow the pair to continue falling down to the levels of 1.2600 – 1.2500.
Analysis: Supposedly, a downward correction finished developing within the daily frame in the form of the second wave (2). Presumably the wave С of (2) finished forming and took the form of a wedge in the H4 timeframe. On the H1 time-frame, apparently, the fifth wave of junior level v of C finished developing. If the presumption is correct, the pair will continue rising up to the levels of 1.3175 – 1.3305. The level 1.2656 is critical in this scenario.
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The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 1.0008.
Main scenario: short positions will be relevant from corrections below the level of 1.0008 with a target of 0.9724 – 0.9618.
Alternative scenario: breakout and consolidation above the level of 1.0017 will allow the pair to continue rising to a level of 1.0122.
Analysis: The first wave of senior level 1 of (3) has been formed on the daily time-frame and the downward correction 2 of (3) is developing now. On H4 timeframe, presumably the local upward correction of junior level B of (2) has finished in the form of a zigzag and the wave С of (2) has started developing. Apparently, the first wave i of C as a momentum has been formed and the local correction in the form of wave ii of C has finished developing in the hourly timeframe. If the presumption is correct, the pair will continue declining to the levels 0.9724 – 0.9618. The level 1.0008 is critical in this scenario.
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The pair USD/JPY is still likely to fall. Estimated pivot point is at a level of 113.83.
Main scenario: short positions will be relevant from corrections below the level of 113.83 with a target of 111.35 – 110.65.
Alternative scenario: breakout and consolidation above the level of 113.83 will allow the pair to continue rising to a level of 115.50.
Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 1 of (C) formed inside. Presumably a local correction is forming as the wave 2 of (C) in the 4-hour timeframe. Apparently, the wave c of 2 is developing on H1 time frame, with the third wave of junior level (iii) of c forming inside. If the presumption is correct, the pair will continue declining to the levels 111.35 – 110.65. The level 113.83 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 1.3154.
Main scenario: long positions will be relevant from corrections above the level of 1.3154 with a target of 1.3700 – 1.3800.
Alternative scenario: breakout and consolidation below the level of 1.3154 will allow the pair to continue falling down to a level of 1.2887.
Analysis: Supposedly, the downward correction of senior level in the form of wave 2 of (5) has finished in the daily time frame, and the wave 3 of (5) has started developing. In the H4 time frame, the inceptive first wave of junior level i of 3 has been formed, as well as the correction to it as the wave ii of 3. Apparently, an upward momentum is forming as the wave (i) of iii on the 1H time frame. If the presumption is correct, after the local correction (ii) of iii has finished, the pair may be expected to continue rising up to the levels of 1.3700 – 1.3800. The level 1.3154 is critical in this scenario.
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