EUR/USD: Wave analysis and forecast for 15/02/2019 – 22/02/2019

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1412.

Main scenario: short positions will be relevant from corrections below the level of 1.1412 with a target of 1.1200 – 1.1120.

Alternative scenario: breakout and consolidation above the level of 1.1412 will allow the pair to continue the rise up to the levels of 1.1512 – 1.1572.

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 (iii) of iii forming inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1200 – 1.1120. The level 1.1412 is critical in this scenario.