EURUSD: Elliott wave analysis and forecast for 22.10.2021 – 29.10.2021

Main scenario: consider short positions from corrections below the level of 1.1761 with a target of 1.1488 – 1.1287.

Alternative scenario: breakout and consolidation above the level of 1.1761 will allow the pair to continue rising to the levels of 1.2090 – 1.2269.

Analysis: daily chart: the first wave of larger degree 1 of (3) is formed, and a downside correction continues forming as wave 2 of (3), with wave c of 2 unfolding as part of it. The third wave of smaller degree (iii) of c appears to have formed on the H4 chart. Apparently, a local correction has finished forming as wave (iv) of с on the H1 chart. If this assumption is correct, the pair will continue falling to the levels of 1.1488 – 1.1287. The level of 1.1761 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.2090 – 1.2269.



Price chart of EURUSD in real time mode

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