EUR/USD: Wave analysis and forecast for 16/11/2018 – 23/11/2018
The pair EUR/USD is still likely to grow under correction. Estimated pivot point is at a level of 1.1213.
Main scenario: long positions will be relevant from corrections above the level of 1.1213 with a target of 1.1511 – 1.1586.
Alternative scenario:Breakout and consolidation below the level of 1.1213 will allow the pair to continue declining to the levels of 1.1150 – 1.1100.
Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues to develop within the daily frame. On the H4 time frame, presumably the wave B of (2) has been formed and the wave С of (2) is developing, with the wave i of C formed inside. Apparently, the ascending correction of junior level ii of C started developing on the H1 time frame. If the presumption is correct, the pair will logically rise to 1.1511 – 1.1586. The level 1.1213 is critical in this scenario
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