Wave analysis and forecast for 11.08 – 18.08: Downtrend continues.

Estimated pivot point is at the level of 110.80.

Analysis: Supposedly, a downtrend continues forming within the wave с of В of senior level. Apparently, the third wave (iii) of junior level continues developing locally. If the presumption is correct, the pair may be expected to continue dropping to the levels of 108.00 – 106.45. The level 110.80 is critical in this scenario.

Alternative scenario: Breakout and consolidation above the level of 110.80 will allow the pair to continue rising to a level of 112.20.