EURUSD Wave analysis and forecast for 12.05 – 19.05

Wave analysis and forecast for 12.05 – 19.05: Correction is ongoing. The pair is likely to decline.

Estimated pivot point is at the level of 1.0890.

Analysis: Presumably, the formation of the third wave of the senior level iii of 3 continues on the four-hour timeframe. At the moment, it seems that the downward correction of the junior level as the wave (ii) of iii of 3 is being developed, within which the pair may decline to the levels of 1.0792 – 1.0742. Critical level for this scenario is 1.0890. Breakdown of this level may trigger further rise in the pair up to 1.1022 – 1.1100.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0890 may trigger further rise in the pair up to 1.1022 – 1.1100.