EUR/USD: Elliott wave analysis and forecast for 24/07/2020 – 31/07/2020

EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.1498.

Main scenario: consider long positions from corrections above the level of 1.1498 with a target of 1.1700 – 1.1750.

Alternative scenario: breakout and consolidation below the level of 1.1498 will allow the pair to continue declining to the levels of 1.1372 – 1.1251.

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