EUR/USD Wave analysis and forecast of 29.08 – 05.09: European currency under pressure. The pair is likely to decline.
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Estimated pivot point is at the level of 1.3220.
Our opinion: Sell the pair below the level of 1.3220 with the target of 1.3040
Alternative scenario: Breakout and consolidation above the level of 1.3220 will make the price continue the rise to the levels of 1.33 – 1.3350 as part of the senior level correction.
Analysis: Supposedly, the third wave (iii) is still being formed with the impetus extension. It is likely to be completed near the level of 1.3040. If this assumption is correct and the price does not consolidate above the level of 1.3220, it’s logical to expect the pair to continue to decline to the levels of 1.31 – 1.3040.