EUR/USD: Elliott wave analysis and forecast for 24/04/2020 – 01/05/2020

EUR/USD remains likely to fall. Estimated pivot point is at a level of 1.0990.

Main scenario: Consider short positions from corrections below the level of 1.0990 with a target of 1.0528 – 1.0414.

Alternative scenario: breakout and consolidation above the level of 1.0990 will allow the pair to continue rising to the levels of 1.1150 – 1.1496.

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) formed inside. On the 4-hour time frame, a local correction finished developing in the form of wave…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>