EUR/USD: Wave analysis and forecast of 18.04 – 25.04: The pair is experiencing correction; the rise in the pair is likely to continue.
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Estimated pivot point is at the level of 1.3864.
Our opinion: In the short-term: sell the pair below the level of 1.3864 with the target of 1.3760. In the medium-term: wait for the completion of correction and buy the pair after the reversal above the level 1.3760 with the target of 1.3990 – 1.40.
Alternative scenario: Breakout of the level of 1.3864 will enable the price to continue growth to the level of 1.3990 – 1.40.
Analysis: Presumably, the zigzag (a)(b)(c) is being formed in the final fifth wave of a diagonal triangle, which is nearing completion of the upward correction. Locally, correction in wave (b) is being developed, within which the pair is likely to decline to the level of 1.3760. Critical level for this scenario is 1.3670.
