EUR/USD: wave analysis

Timeframe Weekly
Recommendation SELL
Entry Point 1.0674
Take Profit 1.0616, 1.0455
Stop Loss 1.0720
Key Levels 1.0455, 1.0616, 1.0707, 1.0754, 1.0795
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0710
Take Profit 1.0754, 1.0795
Stop Loss 1.0670
Key Levels 1.0455, 1.0616, 1.0707, 1.0754, 1.0795
The pair will decrease.
The upward correction as a the fourth wave 4 of the highest level has formed. Locally the development the fifth wave 5, within which the first wave of the lower level (i) is forming, has begun. If the assumption is correct, the pair will lower to the level of 1.0616-1.0455. The level of 1.0707 is critical for this scenario.
Trading scenario
Sell the pair from the correction below the level of 1.0707 with the target at 1.0616-1.0455.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0707 will let the pair to grow to the level of 1.0754-1.0795.

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