EUR/USD Wave analysis and forecast of 03.10 – 10.10: The European currency is under pressure, the downtrend continues.
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Estimated pivot point is at the level of 1.27.
Our opinion: Sell the pair from correction below the level of 1.27 with the target of 1.25.
Alternative scenario: Breakout and consolidation above of the level of 1.27 will enable the price to continue growth to the levels of 1.2840 – 1.29, as part of the senior level correction.
Analysis: The formation of the downward impetus in the third wave iii is nearing completion. Locally, final fifth wave (v) of iii is being formed, within which the last descending wave v of (v) of iii is expected. If this assumption is correct, after the completion of the local correction it makes sense to expect another surge of decline to the level of 1.25. In case the price breaks the level of 1.27, the pair is likely to grow as part of the fourth wave to the levels of 1.2840 – 1.29.