EUR/USD: Elliott wave analysis and forecast for 10.07.20 – 17.07.20

EUR/USD pair is in correction, remains likely to decrease. Estimated pivot point is at the level of 1.1371.

Main scenario: consider short positions from corrections below the level of 1.1371 with the target in 1.1155 – 1.1075.

Alternative scenario: breakout and consolidation above the level of 1.1371 will allow the pair to continue rising to the levels of 1.1495 – 1.1605.

Analysis: supposedly, a descending correction of a 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 inceptive wave 1 of (3) of a…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>