EUR/USD: Wave analysis and forecast for 07/06/2019 – 14/06/2019

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1317.

Main scenario: short positions will be relevant below the level of 1.1317 with a target of 1.1020 – 1.0950.

Alternative scenario: breakout and consolidation above the level of 1.1317 will allow the pair to continue the rise up to the levels of  1.1447 – 1.1571.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave 2 continues developing on the D1 time frame with the wave C of 2 developing within. On the H4 time frame, presumably the third wave of junior level iii of 3 of (С) is developing, with the wave (i) of iii formed inside. On the H1 time frame, apparently the local correction (ii) of iii, which reached the correction level 62%, has finished developing. If the presumption is correct, the pair will logically drop to the  levels 1.1020 – 1.0950. The level 1.1317 is critical in this scenario.