EUR/USD: Wave analysis and forecast for 05/10/2018 – 12/10/2018

The pair EUR/USD is likely to grow. Estimated pivot point is at a level of 1.1461.

Main scenario: long positions will be relevant from corrections above the level of 1.1461 with a target of 1.1635 – 1.1676.

Alternative scenario: breakout and consolidation below the level of 1.1461 will allow the pair to continue declining to a level of 1.1390.

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 developing inside. Apparently, the wave (a) of x is formed in the form of an impulse on the H1 frame. If the presumption is correct, the pair will rise to 1.1635 – 1.1676 under correction. The level 1.1461 is critical in this scenario.