The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above 1.1676 with a target of 1.2088–1.2400. A buy signal: the price holds above 1.1676. Stop Loss: below 1.1635, Take Profit: 1.2088–1.2400.
- Alternative scenario: Breakout and consolidation below 1.1676 will allow the asset to continue declining to the levels of 1.1400–1.1185. A sell signal: the level of 1.1676 is broken to the downside. Stop Loss: above 1.1715, Take Profit: 1.1400–1.1185.
Main Scenario
Consider long positions from corrections above 1.1676 with a target of 1.2088–1.2400.
Alternative Scenario
Breakout and consolidation below 1.1676 will allow the pair to continue declining to the levels of 1.1400–1.1185.
Analysis
On the weekly time frame, an ascending wave of larger degree B is developing, with wave (A) of B forming as its part. On the daily time frame, the third wave 3 of (A) is apparently unfolding. Within it, wave i of 3 has formed, corrective wave ii of 3 has been completed, and wave iii of 3 has started developing. On the H4 time frame, the first wave of smaller degree (i) of iii continues to unfold. Within it, a local correction iv of (i) has been completed and wave v of (i) is developing. If the presumption is correct, EUR/USD will continue to rise to 1.2088–1.2400. The level of 1.1676 is critical in this scenario. A breakout below it will allow the pair to continue falling to the levels of 1.1400–1.1185.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of EURUSD in real time mode
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