EUR/USD: Elliott wave analysis and forecast for 16/08/2019 – 23/08/2019

The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1026.

Main scenario: long positions will be relevant from corrections above the level of 1.1026 with a target of 1.1413 – 1.1562.

Alternative scenario: Breakout and consolidation below the level of 1.1026 will allow the pair to continue declining to the levels of 1.0950 – 1.0900.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave 2 finished developing on the daily frame in the form of a zigzag with a diagonal triangle located in the wave (С) of 2. Supposedly, the fifth wave 5 of (C) has finished developing and the first counter-trend wave i of 1 of (1) of 3 has formed on the H4 time-frame. Apparently, the downward correction is nearing completion in the form of wave  ii of 1 on the H1 time frame.  If this assumption is correct, the pair will continue to rise to the levels 1.1413 – 1.1562 once the correction is over. The level 1.1026 is critical in this scenario.