EUR/USD
The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.1162.
Main scenario: consider long positions from corrections above the level of 1.1162 with a target of 1.1495 – 1.1605.
Alternative scenario: breakout and consolidation below the level of 1.1162 will allow the pair to continue declining to the levels of 1.1019 – 1.0769.
Analysis: Supposedly, a descending correction of larger degree finished developing on the daily time frame in the form of wave 2 and the third wave 3 started developing. On the H4 time frame the first counter-trend wave 1 of (3) is forming, with wave iii of 1 forming inside. On the H1 time frame, apparently, the third wave of smaller degree (iii) of iii of 1 formed, a local correction developed in the form of wave (iv) of iii of 1 and the fifth wave (v) of iii of 1 is developing. If the presumption is correct, the pair will continue to rise to the levels of 1.1495 – 1.1605. The level of 1.1162 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.1019 – 1.0769.
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The pair GBP/USD remains likely to grow. Estimated pivot point is at a level of 1.2333.
Main scenario: consider long positions from corrections above the level of 1.2333 with a target of 1.2880 – 1.3150.
Alternative scenario: breakout and consolidation below the level of 1.2350 will allow the pair to continue declining to the levels of 1.2069 – 1.1635.
Analysis: Supposedly, the fifth wave of larger degree V finished developing on the daily time frame, with wave (С) of V completed and the first wave (1) developing inside. On the H4 time frame, wave 1 of (1) formed, a correction is completed in the form of wave 2 of (1), and wave 3 of (1) started developing. On the H1 time frame, apparently, the first wave of junior level i of 3 formed and a local correction is completed in the form of wave ii of 3. If the presumption is correct, the pair will continue to rise to the levels of 1.2880 – 1.3150. The level of 1.2333 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.2069 – 1.1635.
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USD/CHF remains likely to fall. Estimated pivot point is at a level of 0.9530.
Main scenario: consider short positions from corrections below the level of 0.9530 with a target of 0.9323 – 0.9170.
Alternative scenario: breakout and consolidation above the level of 0.9530 will allow the pair to continue rising to the levels of 0.9651 – 0.9781.
Analysis: Supposedly, the descending third wave of larger degree (3) continues developing on the daily time frame, with wave 1 of (3) forming inside. On the H4 time frame, wave v of 1 is forming, with wave (iii) of v forming inside. On the H1 time frame, apparently a local correction finished developing as wave iv of (iii) and wave v of (iii) is forming. If the presumption is correct, the pair will continue to drop to the levels of 0.9323 – 0.9170. The level of 0.9530 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9651 – 0.9781.
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USD/JPY remains likely to fall. Estimated pivot point is at a level of 107.82.
Main scenario: consider short positions from corrections below the level of 107.82 with a target of 105.21 – 104.50.
Alternative scenario: breakout and consolidation above the level of 107.82 will allow the pair to continue rising to the levels of 108.60 – 109.84.
Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing. On the H4 time frame, the first wave 1 of (1) of C formed and a local correction continues forming as wave 2 of (1). Apparently, wave c of 2 is developing on the H1 time frame, with a corrective wave (ii) of c completed and wave (iii) of c forming inside. If the presumption is correct, the pair will continue to drop to the levels of 105.21 – 104.50. The level of 107.82 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 108.60 – 109.84.
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USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.3481.
Main scenario: consider long positions from corrections above the level of 1.3481 with a target of 1.3875 – 1.4047.
Alternative scenario: breakout and consolidation below the level of 1.3481 will allow the pair to continue declining to the levels of 1.3189 – 1.2948.
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. On the 4-hour time frame, a descending correction finished developing in the form of wave 2 of (3) and wave 3 of (3) started forming, with wave i of 3 forming inside. Apparently, the wave (iii) of i is developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.3875 – 1.4047. The level of 1.3481 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.3189 – 1.2948.
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