EUR/USDWave analysis and forecast for 10.02 – 17.02

EUR/USDWave analysis and forecast for 10.02 – 17.02: The pair is likely to decline.

Estimated pivot point is at the level of 1.0707.

Our opinion: Sell the pair from correction below the level of 1.0707 with the target of 1.0616 – 1.0455.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0707 may trigger further rise in the pair up to 1.0754 – 1.0795 as part of the deep correction.

Analysis: Presumably, the formation of the upward correction, as the fourth wave 4 of the senior level, has completed. Locally it seems that the fifth wave 5 is being developed, within which an impetus as the wave (i) is being formed. If this assumption is correct, the pair will continue to decline to 1.0616 – 1.0455. Critical level for this scenario is 1.0707.