EUR/USD: Wave analysis and forecast of 04.07 – 11.07: Completion of correction. The pair is likely to decline. Estimated pivot point is at the level of 1.3700.
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Our opinion: Sell the pair from correction below the level of 1.3700 with the target of1.34 – 1.33.
Alternative scenario: Breakout of the level of 1.3700 will allow the price to continue the growth up to the levels of 1.3750 – 1.38.
Analysis: Presumably, the formation of the local correction in the second wave (ii), which took shape of the irregular plane, has completed. Locally it is possible that in-lead small impetus is being formed; if this assumption is true, the pair will continue to decline in the third wave. Critical level for this scenario is the level of 1.3700. In case of breakdown of this level the pair will continue to grow and the correction will deepen to the level of 1.3750 – 1.38 in the second.