The pair EUR/USD is likely to fall in price. Estimated pivot point is at a level of 1.1625.

Main scenario: short positions will be relevant from corrections above the level of 1.1625 with a target of 1.1462 – 1.1425.

Alternative scenario: breakout and consolidation below the level of 1.1625 will allow the pair to continue the rise up to the levels at 1.1745 – 1.1850.

Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues to develop within the daily frame. Presumably a downward impetus in the form of wave А of (2) has finished forming on the 4-hour time frame and the upward correction B of (2) has started developing. Apparently, the first counter-trend wave of junior level (i) of a has been formed on the H1 time frame. If the presumption is correct, the pair will logically fall to 1.1462 – 1.1425 inside the wave (ii) of a. The level 1.1625 is critical in this scenario.

EUR/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

EUR/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

EUR/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

Price chart of EURUSD in real time mode

EUR/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

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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