EUR/USD Wave analysis and forecast for 29.12 – 05.01

Estimated pivot point is at a level of 1.1844.

Main scenario: long positions will be relevant above the level of 1.1844 with a target of 1.2091 once the correction has finished.

Alternative scenario: breakout and consolidation below the level of 1.1844 will allow the pair to continue declining to a level of 1.1735.

Analysis: Supposedly, the fifth wave 5 continues forming  as a diagonal triangle within the first wave 1 of senior level within the 4-hour time frame. Apparently, the third wave iii of 5 is developing now, with the wave (a) of iii finishing within. If the presumption is correct, the pair will logically continue to rise to a level of 1.2091 after the correction (b) of iii  comes to an end. The level 1.1844 may be critical in this scenario.