EUR/USD: Elliott wave analysis and forecast for 08/05/2020 – 15/05/2020

The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.0720.

Main scenario: consider long positions from corrections above the level of 1.0720 with a target of 1.1170 – 1.1496.

Alternative scenario: breakout and consolidation below the level of 1.0720 will allow the pair to continue declining to the levels of 1.0528 – 1.0414.

Analysis: Supposedly, the 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…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>