EURUSD Wave analysis and forecast for 07.04 – 14.04

Wave analysis and forecast for 07.04 – 14.04: Downtrend continues.

Estimated pivot point is at the level of 1.0705.

Analysis: Presumably, the formation of the fifth wave 5 of the senior level continues. It seems that the one-two impetus (i) of the junior level has formed and the local correction as the wave (ii) is being developed taking a shape of a irregular plane. If this assumption is correct, after the completion of the correction the pair may continue to decline to 1.0550. Critical level for this scenario is 1.0705.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0705 may trigger further rise in the pair to 1.0744 – 1.0776.