The pair EUR/USD is 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 1.1625.

Alternative scenario: Breakout and consolidation below the level of 1.1300 will allow the pair to continue declining to the levels of 1.1250 – 1.1200.

Analysis: In 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). Supposedly, a descending impetus in the form of the wave А of (2) finished developing on the 4-hour time frame. Apparently, the pair may be going to reverse into the wave B of (2) and the first counter-trend wave of junior level i of (i) has been formed on the 1H time frame. If the presumption is correct, the pair will logically rise to a level of 1.1625. The level 1.1300 is critical in this scenario.

EUR/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

EUR/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

EUR/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

Price chart of EURUSD in real time mode

EUR/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

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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