Wave analysis and forecast for 21.07 – 28.07: Uptrend continues.
Estimated pivot point is at the level of 1.1470.
Analysis: Presumably, on the four-hour timeframe the formation of the uptrend continues as third wave of the senior level 3. At the moment, it seems that the fifth wave v of 3 of the junior level is being formed, within which the correction (iii) is being developed. If this assumption is correct, the pair may continue to rise up to the levels of 1.1750 – 1.1850. Critical level for this scenario is 1.1370.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.1470 may trigger further decline in the pair to 1.1370.
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