The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 1.0910 with a target of 1.1272 – 1.1400. A buy signal: the price holds above 1.0910. Stop Loss: below 1.0870, Take Profit: 1.1272 – 1.1400.
- Alternative scenario: Breakout and consolidation below the level of 1.0910 will allow the pair to continue declining to the levels of 1.0667 – 1.0555. A sell signal: the level of 1.0910 is broken to the downside. Stop Loss: above 1.0950, Take Profit: 1.0667 – 1.0555.
Main scenario
Consider long positions from corrections above the level of 1.0950 with a target of 1.1272 – 1.1400.
Alternative scenario
Breakout and consolidation below the level of 1.0910 will allow the pair to continue declining to the levels of 1.0667 – 1.0555.
Analysis
On the daily chart, the first ascending wave of larger degree (1) is formed, and the bearish correction is completed as the second wave (2). On the H4 time frame, the third wave of larger degree (3) has started unfolding, with the first counter-trend wave of smaller degree i of 1 of (3) forming as its part. Wave (v) of i is unfolding on the H1 chart, with its subwave v of (v) now developing. If the presumption is correct, the EUR/USD pair will continue to rise to the levels of 1.1272 – 1.1400. The level of 1.0910 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0667 – 1.0555.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of EURUSD in real time mode
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