Friday, 8 November 2013

17:05

EUR/USD: Wave analysis and forecast of 08.11 – 15.11: In the medium-term the pair is likely to decline.Estimated pivot point is at the level of 1.3832.
Our opinion: In the short-term: buy the pair above the level of1.3280 with the target of 1.36. In the medium-term: wait for the ascending correction and sell with the target of 1.30.
Alternative scenario: Breakout of the level 1.3832 will enable the pair to continue growth to the levels of 1.39 – 1.40.
Analysis: It is not excluded that long-term ascending correction on the daily timeframe has completed. Locally, the price has formed downward impetus, which may be the first wave of the new downtrend. If this assumption is confirmed, following the completion of the ascending correction within the second wave, the pair will continue to decline.
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