EUR/USD: Elliott wave analysis and forecast for 10/04/2020 – 17/04/2020

The EUR/USD pair is correcting, still likely to grow. Estimated pivot point is at a level of 1.0768.

Main scenario: long positions should be considered from corrections above the level of 1.0768 with a target of 1.1170 – 1.1241.

Alternative scenario: breakout and consolidation below the level of 1.0768 will allow the pair to continue declining to the levels of 1.0500 – 1.0327.

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