EURUSD Wave analysis and forecast for 30.06 – 07.07

Wave analysis and forecast for 30.06 – 07.07: Uptrend continues. Downward correction is possible.

Estimated pivot point is at the level of 1.1117.

Analysis: Presumably, the formation of the uptrend as third wave of the senior level 3 continues on the four-hour timeframe. At the moment, it seems that the fifth wave v of 3 is being formed, within which upward impetus has been formed as the wave (i) of v. If this assumption is correct, in the short-term the pair can decline as part of the correction to 1.1283 – 1.1245. After the completion of the correction (ii) the pair may continue to rise. Critical level for this scenario is 1.1117.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.1117 may trigger further decline in the pair up to 1.0910.