EUR/USD: Wave analysis and forecast for 12/10/2018 – 19/10/2018

The pair EUR/USD is likely to grow. Estimated pivot point is at a level of 1.1431.

Main scenario: long positions will be relevant from corrections above the level of 1.1431 with a target of 1.1813 – 1.1940.

Alternative scenario: Breakout and consolidation below the level of 1.1431 will allow the pair to continue declining to the levels of 1.1370 – 1.1300.

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 (a) of x formed and the wave x of B developed inside. Apparently, the wave y of B started forming on the H1 frame. If the presumption is correct, the pair will rise to the levels of 1.1813 – 1.1940. The level 1.1431 is critical in this scenario.