EURUSD: Elliott wave analysis and forecast for 16.09.22 – 23.09.22

Main scenario: consider short positions from corrections below the level of 1.0196 with a target of 0.9700 – 0.9475.

Alternative scenario: breakout and consolidation above the level of 1.0196 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 presumably continues unfolding 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. It includes a completed wave of smaller degree iii of (v) and a local correction completed as wave iv of (v). Wave v of (v) is currently forming. If the presumption is correct, the pair will continue to drop to the levels of 0.9700 – 0.9475. The level of 1.0196 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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