EUR/USD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1300.

Main scenario: long positions will be relevant from corrections above the level of 1.1300 with a target of 1.1623 – 1.1813.

Alternative scenario: Breakout and consolidation below the level of 1.1300 will allow the pair to continue declining to the levels of 1.1200 – 1.1100.

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. Presumably an upward correction B of (2) is developing on the H4 time-frame, with the wave b of B formed inside. Apparently, the wave c of B started developing on the H1 time-frame, with the first wave of junior level i of (i) of c formed and the local correction ii of (i) nearing completion as an irregular plane inside. If the presumption is correct, the pair will logically resume rising to the levels 1.1623 – 1.1813. The level 1.1300 is critical in this scenario.