EUR/USD: Wave analysis and forecast for 30.08.19 – 06.09.19

The probability of a decrease in EUR/USD remains. Estimated pivot point is at the level of 1.1163.

Main scenario: “short positions” are relevant from corrections below the level of 1.1163 with the target of 1.0950 – 1.0850.

Alternative scenario: breakout and consolidation above the level of 1.1163 will allow the pair to grow to 1.1251 – 1.1413.

Analysis: within the daily timeframe, the downward correction is presumably continuing to form as the second wave of the senior level 2, in the form of a zigzag with a diagonal triange in wave (С) of 2. On the 4-hour timeframe, presumably, the fifth wave 5 of (C) is developing, which includes the developing wave c of 5. Within the H1 timeframe, it seems that the third wave of the junior level (iii) of c of 5 is developing and if the assumption is true, then the decline of the pair will continue to 1.0950 – 1.0850. Critical level for this scenario is 1.1163.