EUR/USD: Wave analysis and forecast for 15/03/2019 – 22/03/2019

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1419.

Main scenario: short positions will be relevant from corrections below the level of 1.1419 with a target of 1.1120 – 1.1000.

Alternative scenario: breakout and consolidation above the level of 1.1419 will allow the pair to continue the rise up to the levels of  1.1572 – 1.1812.

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 C of (2) developing within. Supposedly, the third wave iii of C is developing on the H4 time frame. On the H1 time frame, apparently, the wave (ii) of iii is developing, with a local correction finished in the form of wave  ii of (iii) and the wave of junior level iii of (iii) developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1120 – 1.1000. The level 1.1419 is critical in this scenario.