Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020

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EUR/USD remains likely to fall. Estimated pivot point is at a level of 1.0899.

Main scenario: Consider short positions from corrections below the level of 1.0899 with a target of 1.0633 – 1.0528.

Alternative scenario:breakout and consolidation above the level of 1.0899 will allow the pair to continue rising to the levels of 1.1064 – 1.1170.

Analysis: Supposedly, a descending fifth wave of larger degree (5) of С continues developing on the daily time frame, with the first wave 1 of (5) and correction 2 of (5) formed inside. The third wave 3 of (5) started developing on the H4 time frame, with an ascending correction developed in the form of wave ii of 3 inside. Apparently, the third wave iii of 3 started developing on the H1 time frame, with wave (ii) of iii formed inside. If the presumption is correct, the pair will continue to drop to the levels of 1.0633 – 1.0528. The level of 1.0899 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1064 – 1.1170.

LiteForex: EUR/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020


LiteForex: EUR/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020


LiteForex: EUR/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020


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Price chart of EURUSD in real time mode

EUR/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020

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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