The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of  1.0866.

Main scenario: long positions should be considered from corrections above the level of   1.0866 with a target of 1.1240 – 1.1400.

Alternative scenario: breakout and consolidation below the level of  1.0866 will allow the pair to continue declining to the levels of  1.0780 – 1.0700

Analysis: Supposedly, a descending correction of senior level finished developing in the form of the second wave 2 on the daily time frame, with wave C of 2 completed within. Supposedly, the fifth wave 5 of (C) has finished developing and wave 1 of (1) of 3 started forming on the H4 time frame. Apparently, the first counter-trend wave of junior level i of 1 is forming on the H1 time frame.  If this assumption is correct, the pair will continue to rise to 1.1240 – 1.1400 once local correction ii of 1 is over. The level  1.0866 is critical in this scenario.

LiteForex: EUR/USD: Elliott wave analysis and forecast for 28/02/2020 – 06/03/2020


LiteForex: EUR/USD: Elliott wave analysis and forecast for 28/02/2020 – 06/03/2020


LiteForex: EUR/USD: Elliott wave analysis and forecast for 28/02/2020 – 06/03/2020


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Price chart of EURUSD in real time mode

EUR/USD: Elliott wave analysis and forecast for 28/02/2020 – 06/03/2020

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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