EUR/USD
EUR/USD remains likely to fall. Estimated pivot point is at a level of 1.0996.
Main scenario: Consider short positions from corrections below the level of 1.0996 with a target of 1.0630 – 1.0500.
Alternative scenario: breakout and consolidation above the level of 1.0996 will allow the pair to continue rising to the levels of 1.1170 – 1.1241
Analysis: Supposedly, the descending fifth wave of larger degree (5) of С continues developing on the daily time frame, with the first wave 1 of (5) formed inside. On the 4-hour time frame, a local correction finished developing in the form of wave 2 of (5) and wave 3 of (5) started forming. Apparently, an ascending correction finished developing as wave ii of 3 and wave iii of 3 started forming on the H1 time frame. If the presumption is correct, the pair will continue to drop to the levels of 1.0630 – 1.0500. The level of 1.0996 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1170 – 1.1241.
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GBP/USD is correcting, still likely to fall. Estimated pivot point is at a level of 1.2738.
Main scenario: Consider short positions below the level of 1.2738 with a target of 1.1177 – 1.0687
Alternative scenario: breakout and consolidation above the level of 1.2738 will allow the pair to continue rising to the levels of 1.3201 – 1.3509.
Analysis: Supposedly, the fifth wave of larger degree V continues developing on the daily time frame, with a correction completed in the form of wave (2) of V inside. The third wave (3) of V is developing on the H4 time frame, with wave 3 of (3) formed and a correction developed as wave 4 of (3) inside. Apparently, the fifth wave 5 of (2) begins developing on the H1 time frame. If the presumption is correct, the pair will resume falling to the levels of 1.1177 – 1.0687. The level of 1.2738 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.3201 – 1.3509.
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USD/CHF remains likely to fall. Estimated pivot point is at a level of 0.9803.
Main scenario: Consider short positions from corrections below the level of 0.9803 with a target of 0.9167 – 0.9000.
Alternative scenario: breakout and consolidation above the level of 0.9803 will allow the pair to continue rising to the levels of 1.0024 – 1.0235.
Analysis: Supposedly, the descending third wave of larger degree (3) continues developing on the daily time frame, with wave 3 of (3) forming inside. On the H4 time frame, the first wave of smaller degree i of 3 formed and a correction finished developing in the form of wave ii of 3. Apparently, the third wave iii of 3 started developing on the H1 time frame, with a local correction (ii) of iii completed and wave (iii) of iii forming inside. If the presumption is correct, the pair will continue to drop to the levels of 0.9167 – 0.9000. The level of 0.9803 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0024 – 1.0235.
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USD/JPY remains likely to fall. Estimated pivot point is at a level of 111.67.
Main scenario: Consider short positions from corrections below the level of 111.67 with a target of 101.08 – 94.58.
Alternative scenario: breakout and consolidation above the level of 111.67 will allow the pair to continue rising to the levels of 114.53 – 118.70.
Analysis: On the daily time frame, supposedly, a big horizontal correction finished forming as a triangle-shaped wave (В) of B. On the H4 time frame, wave (С) of B started developing, with the first wave i of 1 of (C) formed and a local correction completed in the form of wave ii of 1 of (C) inside. Apparently, a local correction is developing as wave ii of 1 of (C) on the H1 time frame. If this assumption is correct, the pair will continue to drop to the levels 101.08 – 98.73 once the correction’s over. The level of 111.67 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 114.53 – 118.70.
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USD/CAD remains likely to fall. Estimated pivot point is at a level of 1.4355.
Main scenario: short positions should be considered from corrections below the level of 1.4355 with a target of 1.3788 – 1.3598.
Alternative scenario: breakout and consolidation above the level of 1.4355 will allow the pair to continue rising to the levels of 1.4562 – 1.4800.
Analysis: On the D1 time frame, supposedly, a descending correction finished developing in the form of second wave of larger degree (2), and wave (3) started forming. Supposedly, the first counter-trend wave of smaller degree 1 of (3) formed and a descending correction is developing in the form of wave 2 of (3) on the H4 time frame. Apparently, wave a of 2 has formed and wave b of 2 is developing on the H1 time frame. If the presumption is correct, the pair will continue to drop to the levels 1.3788 – 1.3598 once wave b of 2 is completed. The level of 1.4355 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.4562 – 1.4800.
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