EUR/USD: Wave analysis and forecast for 18/01/2019 – 25/01/2019

The pair EUR/USD is likely to grow. Estimated pivot point is at a level of 1.1367.

Main scenario: long positions will be relevant from corrections above the level of 1.1367 with a target of 1.1466 – 1.1490.

Alternative scenario: Breakout and consolidation below the level of 1.1367 will allow the pair to continue declining to the levels of 1.1258 – 1.1210.

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 C of (2) developing within. On the H4 time frame, presumably an ascending correction has finished developing in the form of wave ii of C. On the H1 time frame, apparently, the third wave iii of С of (2) started forming, with the wave (i) of iii formed inside. If the presumption is correct, the pair will logically rise to the levels 1.1466 – 1.1490 under correction in the short term. The level 1.1367 is critical in this scenario.