The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1433.

Main scenario: short positions will be relevant from corrections below the level of 1.1433 with a target of 1.1330 – 1.1296.

Alternative scenario: breakout and consolidation above the level of 1.1433 will allow the pair to continue rising to a level of 1.1623.

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 forming inside. Apparently,a descending impetus is developing in the form of the wave (c) of b on the H1 frame, with the wave iii of (c) formed inside. If the presumption is correct, the pair may continue to drop to the levels 1.1330 – 1.1296 after the correction iv of (c) has finished. The level 1.1433 is critical in this scenario.

EUR/USD: Wave analysis and forecast for 26/10/2018 – 02/11/2018

EUR/USD: Wave analysis and forecast for 26/10/2018 – 02/11/2018

EUR/USD: Wave analysis and forecast for 26/10/2018 – 02/11/2018


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Price chart of EURUSD in real time mode

EUR/USD: Wave analysis and forecast for 26/10/2018 – 02/11/2018

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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