EUR/USD: Wave analysis and forecast for 07/09/2018 – 14/09/2018

The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1500.

Main scenario: long positions will be relevant from corrections above the level of 1.1500 with a target of 1.1787 – 1.1940.

Alternative scenario: breakout and consolidation below the level of 1.1500 will allow the pair to continue declining to a level of 1.1300.

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 A of (2) formed within. An upward correction B of (2), supposedly, started developing on the H4 time frame, with the wave a of B formed inside. Apparently,a local correction is developing in the form of the wave b of B on the 1H frame. If the presumption is correct, the pair will continue rising to 1.1787 – 1.1940 once the correction is completed. The level 1.1500 is critical in this scenario.