EUR/USD: Wave Analysis And Forecast For February 8-15, 2019

The pair EUR/USD is still likely to fall Estimated pivot point is at a level of 1.1489.

Main scenario: short positions will be relevant from corrections below the level of 1.1489 with a target of 1.1211 – 1.1120.

Alternative scenario: breakout and consolidation above the level of 1.1489 will allow the pair to continue the rise up to the levels of 1.1568 – 1.1623.

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 an ascending correction has finished developing in the form of wave ii of C. On the H1 time frame, apparently, the third wave iii of С of (2) started forming, with the correction (ii) of iii completed in the form of a zigzag and the wave (iii) of iii starting to develop inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1211 – 1.1120. The level 1.1489 is critical in this scenario.

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