EUR/USD: Wave analysis and forecast for 14/12/2018 – 21/12/2018

The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1306.

Main scenario: long positions will be relevant from corrections above the level of 1.1306 with a target of 1.1511 – 1.1586.

Alternative scenario: breakout and consolidation below the level of 1.1306 will allow the pair to continue declining to the levels of 1.1200 – 1.1150.

Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues to develop within the daily frame. Presumably the wave С of (2) is developing on H4 timeframe, with the wave i of C formed and an ascending correction forming as wave ii of C inside. On H1 timeframe, apparently the wave (c) of ii continues developing, with the wave iii of (c) forming inside. If the presumption is correct, the pair will logically continue to rise to the levels 1.1511 – 1.1586. The level 1.1306 is critical in this scenario.