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

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…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>