EUR/USD: Wave analysis and forecast for 26/10/2018 – 02/11/2018

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1433.

Main scenario: short positions will be relevant from corrections below the level of 1.1433 with a target of 1.1330 – 1.1296.

Alternative scenario: breakout and consolidation above the level of 1.1433 will allow the pair to continue rising to a level of 1.1623.

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 A of (2) formed within. An upward correction B of (2), supposedly, is developing on the H4 time frame, with the wave b of B forming inside. Apparently,a descending impetus is developing in the form of the wave (c) of b on the H1 frame, with the wave iii of (c) formed inside. If the presumption is correct, the pair may continue to drop to the levels 1.1330 – 1.1296 after the correction iv of (c) has finished. The level 1.1433 is critical in this scenario.