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EURUSD: Elliott wave analysis and forecast

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EURUSD: Elliott wave analysis and forecast

Main scenario: consider long positions above the level of 1.2116 with a target of 1.2400 – 1.2500 once the correction formed.

Alternative scenario:breakout and consolidation below the level of 1.2116 will allow the pair to continue declining to the levels of 1.1971 – 1.1738.

Analysis: Daily time frame: presumably, the first wave of larger degree 1 of (3) continues developing, with wave v of 1 forming inside. On the H4 time frame, the third wave of smaller degree (iii) of v finished forming, and a descending correction is developing as the fourth wave (iv) of v. Apparently, wave a of (iv) is forming on the H1 time frame. If this assumption is correct, the pair will continue rising to 1.2400 – 1.2500 once wave (iv) of v finished forming. The level of 1.2116 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.1971 – 1.1738.

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