The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1745.

Main scenario: short positions will be relevant from corrections below the level of 1.1745 with a target of 1.1439.

Alternative scenario:breakout and consolidation above the level of 1.1745 will allow the pair to continue rising to a level of 1.1998.

Analysis: On the daily time frame, an upward impetus is formed  as the first wave of senior level (1) and a downward correction continues forming as wave (2). On the 4H time frame, the downward impetus continues developing within the wave A of (2), with a local correction completed inside in the form of the triangular wave iv of A. Apparently, the final fifth wave v of A started forming on the 1H  time frame with a countertrend impetus (i) of v developing inside. If the presumption is correct, the pair will continue to fall to the level of  1.1439 once the local correction (ii) of v is completed. The level 1.1745 is critical in this scenario.

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Price chart of EURUSD in real time mode

EUR/USD: Wave analysis and forecast for 03/08/2018 – 10/08/2018

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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