EURUSD: Elliott wave analysis and forecast for 11.06.21 – 18.06.21

Main scenario: consider short positions from corrections below the level of 1.2254 with a target of 1.1600 – 1.1489.

Alternative scenario: breakout and consolidation above the level of 1.2254 will allow the pair to continue rising to the levels of 1.2500 – 1.2600.

Analysis: Daily time frame: presumably, the first wave of larger degree 1 of (3) was formed, and a downside correction is forming as wave 2 of (3). Apparently, wave a of 2 and an ascending wave b of 2 formed on the H4 time frame. A descending wave c of 2 started to develop on the H1 time frame, with the first wave of smaller degree (i) of c developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1600 – 1.1489. The level of 1.2254 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.2500 – 1.2600.



Price chart of EURUSD in real time mode

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