EUR/USD: Wave analysis and forecast for 01/02/2019 – 08/02/2019

The pair EUR/USD is still likely to fall Estimated pivot point is at a level of 1.1515

Main scenario: short positions will be relevant from corrections below the level of 1.1515 with a target of 1.1289 – 1.1211.

Alternative scenario: breakout and consolidation above the level of 1.1515 will allow the pair to continue the rise up to the levels of 1.1568 – 1.1623.

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 as an impetus and the correction (ii) of iii completed in the form of a zigzag inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1289 – 1.1211. The level  1.1515 is critical in this scenario.