EUR/USD Wave analysis and forecast for 23.03 – 30.03

EUR/USD Wave analysis and forecast for 23.03 – 30.03

The pair is still likely to grow

Estimated pivot point is at a level of 1.2238.

Main scenario: long positions will be relevant from corrections above the level of 1.2238 with a target of 1.2560 – 1.2650.

Alternative scenario:breakout and consolidation below the level of 1.2238 will allow the pair to continue declining to a level of 1.1915.

Analysis: Supposedly, an ascending impetus continues to form inside the first wave of senior level (1) within the 4-hour time frame. Apparently, the fifth wave v of 5 is forming now, with a local correction of junior level (ii) of v completed and the wave (iii) of v starting to develop  inside. If the presumption is correct, the pair will continue to rise to levels 1.2560 – 1.2650. The level 1.2238 is critical in this scenario. Its breakout will allow the pair to continue declining to a level of 1.1915.