The EUR/USD rate is still likely to grow. Estimated pivot point is at a level of 1.1300.

Main scenario: long positions will be relevant from corrections above the level of 1.1300 with a target of 1.1623 – 1.1813.

Alternative scenario: Breakout and consolidation below the level of 1.1300 will allow the pair to continue falling to the levels of 1.1200 – 1.1100.

Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues developing on the daily time frame with the wave A of (2) formed within. An upward correction B of (2), supposedly, is developing on the H4 time frame, with the wave b of B, formed inside. Apparently, the wave c of В started developing on the H1 frame, with the first wave of senior level (i) of c developing inside. If the presumption is correct, the pair may continue rising to the levels 1.1623 – 1.1813. The level 1.1300. is critical in this scenario.

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EUR/USD: Wave analysis and forecast for 02/11/2018 – 09/11/2018

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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