EURUSD: Elliott wave analysis and forecast for 05.11.2021 – 12.11.2021

Main scenario: consider short positions from corrections below the level of 1.1692 with a target of 1.1390 – 1.1287.

Alternative scenario: breakout and consolidation above the level of 1.1692 will allow the pair to continue rising to the levels of 1.1910 – 1.2269.

Analysis: Daily chart: the first wave of larger degree 1 of (3) is formed, and a downside correction continues forming as wave 2 of (3), with wave c of 2 unfolding as part of it. Apparently, the third wave of smaller degree (iii) of c is formed, and a local correction has finished developing as wave (iv) of с on the H4 chart. The fifth wave (v) of c has started forming on the H1 chart, with wave iii of (v) unfolding as part of it. If the presumption is correct, the pair will continue to drop to the levels of 1.1390 – 1.1287. The level of 1.1692 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1910 – 1.2269.

Price chart of EURUSD in real time mode

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