EURUSD: Elliott wave analysis and forecast for 16.08.22 – 26.08.22

Main scenario: consider long positions from corrections above the level of 0.9947 with a target of 1.0618 – 1.0787.

Alternative scenario: breakout and consolidation below the level of 0.9947 will allow the pair to continue declining to the levels of 0.9800 – 0.9700.

Analysis: a corrective wave of larger degree B presumably continues developing as irregular flat (А)-(В)-(С) on the weekly chart. Apparently, wave (В) of B is completed on the daily chart, with wave С of (B) formed as its part. A bullish wave (С) of B has started developing. An ascending wave i of 1 of (C) is presumably unfolding on the H4 chart. Inside it formed the first counter-trend wave of smaller degree (i) of i of 1 of (C), and a local correction is nearing completion as the second wave (ii) of i of 1 of (C). If the presumption is correct, the pair will continue to rise to the levels of 1.0618 – 1.0787 after the correction is completed. The level of 0.9947 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9800 – 0.9700.

Price chart of EURUSD in real time mode

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