EURUSD: Elliott wave analysis and forecast for 09.09.2022 – 16.09.2022

Main scenario: consider short positions from corrections below the level of 1.0177 with a target of 0.9700 – 0.9475.

Alternative scenario: breakout and consolidation above the level of 1.0177 will allow the pair to continue rising to the levels of 1.0375 – 1.0618.

Analysis: a corrective wave of larger degree B presumably continues developing as irregular flat (А)-(В)-(С) on the weekly chart. Wave (B) of B appears to be completed on the daily chart, with wave С of (B) continuing to form as its part. The fifth wave (v) of v of C is developing on the H4 chart. A wave of smaller degree iii of (v) formed as its part, and a local correction started developing as wave iv of (v). If the presumption is correct, the pair will continue to fall to the levels 0.9700 – 0.9475 after wave iv of (v) is formed. The level of 1.0177 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0375 – 1.0618.

Price chart of EURUSD in real time mode

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