The pair EUR/USD 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 declining 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. Presumably an upward correction B of (2) is developing on the H4 time-frame, with the wave b of B formed inside. Apparently, the wave c of B started developing on the H1 time-frame, with the first wave of junior level i of (i) of c formed and the local correction ii of (i) nearing completion as an irregular plane inside. If the presumption is correct, the pair will logically resume rising to the levels 1.1623 – 1.1813. The level 1.1300 is critical in this scenario.

EUR/USD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

EUR/USD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

EUR/USD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

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Price chart of EURUSD in real time mode

EUR/USD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

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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