EUR/USD: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019

EUR/USD: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019

The pair EUR/USD is likely to grow Estimated pivot point is at a level of 1.0922.

Main scenario: long positions will be relevant from corrections above the level of 1.0922 with a target of 1.1163 – 1.1249.

Alternative scenario: breakout and consolidation below the level of 1.0922 will allow the pair to continue declining to a level of 1.0850.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave 2 has finished developing on the daily frame in the form of a zigzag with a diagonal triangle located in wave (С) of 2. Supposedly, the fifth wave 5 of (C) has stopped forming on the H4 time frame, with wave c of 5 formed inside. Presumably, wave 3 started forming on the H1 time frame, with a counter-trend impetus of junior level  (i) of i of 1 formed inside. If the presumption is correct, the pair will continue growing to the levels of 1.1163 – 1.1249. The level 1.0922 is critical in this scenario.

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