EUR/USD: Wave analysis and forecast for 16/11/2018 – 23/11/2018

The pair EUR/USD is still likely to grow under correction. Estimated pivot point is at a level of  1.1213.

Main scenario: long positions will be relevant from corrections above the level of 1.1213 with a target of  1.1511 – 1.1586.

Alternative scenario:Breakout and consolidation below the level of 1.1213 will allow the pair to continue declining to the levels of 1.1150 – 1.1100.

Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues to develop within the daily frame. On the H4 time frame, presumably the wave B of (2) has been formed and the wave С of (2) is developing, with the wave  i of C formed inside. Apparently, the ascending correction of junior level ii of C started developing on the H1 time frame. If the presumption is correct, the pair will logically rise to  1.1511 – 1.1586. The level  1.1213 is critical in this scenario