EUR/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

The pair EUR/USD is likely to fall in price. Estimated pivot point is at a level of 1.1625.

Main scenario: short positions will be relevant from corrections above the level of 1.1625 with a target of 1.1462 – 1.1425.

Alternative scenario: breakout and consolidation below the level of 1.1625 will allow the pair to continue the rise up to the levels at 1.1745 – 1.1850.

Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues to develop within the daily frame. Presumably a downward impetus in the form of wave А of (2) has finished forming on the 4-hour time frame and the upward correction B of (2) has started developing. Apparently, the first counter-trend wave of junior level (i) of a has been formed on the H1 time frame. If the presumption is correct, the pair will logically fall to 1.1462 – 1.1425 inside the wave (ii) of a. The level 1.1625 is critical in this scenario.