The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 1.1612 with a target of 1.1915 – 1.2100. A buy signal: the price holds above 1.1612. Stop Loss: below 1.1570, Take Profit: 1.1915 – 1.2100.
- Alternative scenario: Breakout and consolidation below the level of 1.1612 will allow the pair to continue declining to the levels of 1.1484 – 1.1252. A sell signal: the level of 1.1612 is broken to the downside. Stop Loss: above 1.1650, Take Profit: 1.1484 – 1.1252.
Main scenario
Consider long positions from corrections above the level of 1.1612 with a target of 1.1915 – 1.2100.
Alternative scenario
Breakout and consolidation below the level of 1.1612 will allow the pair to continue declining to the levels of 1.1484 – 1.1252.
Analysis
On the weekly time frame, an ascending wave of larger degree B is developing, with wave (A) of B forming as its part. On the daily time frame, wave 3 of (A) is apparently unfolding, within which wave i of 3 has formed. On the H4 chart, a local correction ii of 3 has likely finished developing, and wave iii of 3 has started to form, with a counter-trend wave of smaller degree (i) of iii developing as its part. If the presumption is correct, the EUR/USD pair will continue to rise to the levels of 1.1915 – 1.2100. The level of 1.1612 is critical in this scenario. A breakout below it will allow the pair to continue falling to the levels of 1.1484 – 1.1252.
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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