EURUSD Wave analysis and forecast of 25.07 – 01.08: The pair is likely to decline.

Estimated pivot point is at the level of 1.3572.

Our opinion: Sell the pair from correction below the level of 1.3572 with the target of 1.3350 – 1.33. 

Alternative scenario: Breakout of the level of 1.3572 will allow the price to continue the growth up to the levels of 1.3750 – 1.38.

Analysis: Presumably, the formation the third wave of the senior level (iii) is ongoing. Within this wave the “bearish’ impetus has completed as the third wave of the junior level. Locally, ascending correction is being formed iv of (iii). If assumption is correct, after the completion of the correction, the pair will continue to decline to the levels of 1.3350 – 1.33. Critical level for this scenario is 1.3572.