EUR/USD: Wave analysis and forecast for 23/11/2018 – 30/11/2018

The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1311.

Main scenario: long positions will be relevant from corrections above the level of 1.1311 with a target of 1.1511 – 1.1586.

Alternative scenario: Breakout and consolidation below the level of 1.1311 will allow the pair to continue declining to the levels of 1.1213 – 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 (a) of ii has formed. If the presumption is correct, the pair will logically continue growing to 1.1511 – 1.1586 once the wave (b) of ii has finished. The level 1.1311 is critical in this scenario.