EUR/USD: Wave analysis and forecast for 10/05/19 – 17/05/19

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1266.

Main scenario: short positions will be relevant from corrections below the level of  1.1266 with a target of 1.1020 – 1.0950.

Alternative scenario:breakout and consolidation above the level of  1.1266 will allow the pair to continue the rise up to the levels of 1.1447 – 1.1515.

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 C of (2) developing within. On the H4 time frame, presumably the third wave of junior level iii of С is developing, with wave (iii) of iii forming inside. Apparently, the local correction iv of (iii) is developing on the H1 time frame. If this assumption is correct, the pair will continue to fall to  1.1020 – 1.0950. The level 1.1266 is critical in this scenario.

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