EURUSD: Elliott wave analysis and forecast for 19.02.2021 – 26.02.2021

Main scenario: consider short positions from corrections below the level of 1.2345 with a target of 1.1691 – 1.1489.

Alternative scenario: breakout and consolidation above the level of 1.2345 will allow the pair to continue rising to the levels of 1.2500 – 1.2600.

Analysis: Presumably, the first wave of larger degree 1 of (3) finished developing on the daily time frame, with wave v of 1 formed inside. Apparently, a downside correction is developing as wave 2 of (3) on the H4 time frame, with wave a of 2 formed inside. Wave b of 2 appears to be developing on the H1 time frame, with wave (b) of b forming as part of it. If the presumption is correct, the pair will resume falling in wave c of 2 to the levels of 1.1691 – 1.1489 after wave b of 2 formed. The level of 1.2345 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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