EUR/USD: Wave analysis and forecast for 19.02 – 26.02: Uptrend continues.
Estimated pivot point is at the level of 1.0970.
Our opinion: Buy the pair from correction above the level of 1.0970 with the target of 1.15 – 1.16.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0970 will allow the pair to continue decline to 1.0806.
Analysis: Presumably, the development of the third wave of the senior level continues. Locally, it seems that the correction as the fourth wave (iv) of the junior level has completed. If this assumption is correct, the pair will continue to rise to 1.1500 – 1.1600 in the fifth wave (v) of iii. Critical level for this scenario is 1.0970. Breakdown of this level will trigger decline in the pair to 1.08 or further down.