EURUSD: Elliott wave analysis and forecast for 22.01.2021 – 29.01.2021

Main scenario: consider long positions above the level of 1.2110 with a target of 1.2400 – 1.2500.

Alternative scenario: breakout and consolidation below the level of 1.2110 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 developed as the fourth wave (iv) of v, presumably. Apparently, the fifth wave (v) of v… Read full author’s opinion and review in blog of #LiteForex