EUR/USD Wave analysis and forecast for 12.01 – 19.01

Estimated pivot point is at a level of 1.1917.

Main scenario: long positions will be relevant from corrections above the level of 1.1917 with a target of 1.2230 – 1.2300.

Alternative scenario:Breakout and consolidation below the level of 1.1917 will allow the pair to continue declining to the levels of 1.1718 – 1.1556.

Analysis: Supposedly, the fifth wave 5 continues forming  as a diagonal triangle within the first wave 1 of senior level within the 4-hour time frame. Apparently, a downward correction in a form of wave iv of 5 has finished locally and the final fifth wave v of 5 has started forming. If the presumption is correct, the pair will continue to rise to levels 1.2230 – 1.2300. The level 1.1917 is critical in this scenario.