EUR/USD: Wave analysis and forecast for 04/01/2019 – 11/01/2019

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1476.

Main scenario: short positions will be relevant from corrections below the level of 1.1476 with a target of 1.1200 – 1.1100.

Alternative scenario: Breakout and consolidation above the level of 1.1476 will allow the pair to continue rising to the levels of 1.1611 – 1.1816.

Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues to develop within the daily frame. Presumably the wave С of (2) is developing on H4 timeframe, with the wave i of C formed and an ascending correction forming as wave ii of C inside. On the H1 timeframe, apparently the third wave iii of C started forming, with the inceptive momentum of junior level in the form of the wave i of (i) of iii completed inside. If the presumption is correct, the pair will logically continue to falling to the levels 1.1200 – 1.1100. The level 1.1476 is critical in this scenario.