Estimated pivot point is at a level of 1.1904.

Main scenario: short positions will be relevant below the level of 1.1904 with a target of 1.1600.

Alternative scenario:breakout and consolidation above the level of  1.1904 will allow the pair to continue rising to a level of 1.2000.

Analysis: An ascending impetus in a form of the first wave (1) of senior level is supposed to have finished forming within the 4-hour time frame. A downward correction (2) has supposedly started forming. Apparently, the wave A of (2) is developing at the moment, with a correction in a form of the wave iv of A formed inside. If the assumption is correct, the pair will continue falling to the level of 1.1600. The level 1.1904 may be critical in this scenario.

EUR/USD  Wave analysis and forecast for 13.10 –  20.10

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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