EUR/USD: Elliott wave analysis and forecast for 12/06/2020 – 19/06/2020

The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.1240.

Main scenario: consider long positions from corrections above the level of 1.1240 with a target of 1.1490 – 1.1723.

Alternative scenario: breakout and consolidation below the level of 1.1240 will allow the pair to continue declining to the levels of 1.1175 – 1.1097.

Analysis: Supposedly, a descending correction of larger degree finished developing on the daily time frame in the form of wave 2 and the third wave 3 started developing. On the H4 time frame the first counter-trend wave 1 of (3) is…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>