EUR/USD Wave analysis and forecast of 10.10 – 17.10: Formation of the local correction. Downtrend continues.
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Estimated pivot point is at the level of 1.28.
Our opinion: Sell the pair from correction below the level of 1.28 with the target of 1.23.
Alternative scenario: Breakout and consolidation above of the level of 1.28 will enable the price to continue growth to the levels of 1.2840 – 1.29.
Analysis: Presumably, descending momentum in the third wave iii of 1 has completed. Locally, local correction as the fourth wave iv of 1 is being formed, within which a triangle (a)(b)(c)(d)(e) is likely to be formed. If this assumption is correct, after the completion of the local correction it makes sense to expect the other surge of decline up to the level of 1.23.