EUR/USD: Wave analysis and forecast for 18.03 – 25.03 - 2016

EUR/USD: Wave analysis and forecast for 18.03 – 25.03 - 2016

EUR/USD: Wave analysis and forecast for 18.03 – 25.03: The pair is likely to decline within correction.

Estimated pivot point is at the level of 1.1350.

Our opinion: Sell the pair from correction below the level of 1.13501.0820 with the target of 1.1050 – 1.0820. In case of breakout of the level of 1.1350, buy with the target of 1.15 – 1.16.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1350 will allow the pair to continue the rise up to 1.15 – 1.16.

Analysis: Presumably, the formation of the fifth wave (v) of i of 3 has completed. Locally it is likely that the correction has begun as the wave ii of 3. If this assumption is correct, the pair can decline to 1.1050 – 1.0820. Critical level for this scenario is 1.1350. Breakout of this level will trigger the rise in the pair to 1.15 – 1.16.