EUR/USD Wave analysis and forecast of 20.02 – 27.02: The pair is expected to decline.
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Estimated pivot point is at the level of 1.1534.
Our opinion: Sell the pair from correction below a level of 1.1534 with a target at 1.0950 – 1.09. Buy the pair with the target at 1.1760 in case the level 1.1534 is broken.
Alternative scenario: Breakout of the level 1.1534 and consolidation above will allow the pair to continue the rise up to levels 1.1760 – 1.18.
Analysis: Presumably, the development of a long-term bearish impetus is still going on. Within its borders, the fifth final wave is apparently nearing completion. Apparently, local correction in a form of wave (ii) of v is nearing completion. If this assumption is correct, the pair will continue declining to a level of 1.0950. The level 1.1534. is critical in this scenario.