EUR/USD: Elliott wave analysis and forecast for 17/04/2020 – 24/04/2020

EUR/USD remains likely to fall. Estimated pivot point is at a level of 1.0996.

Main scenario: Consider short positions from corrections below the level of 1.0996 with a target of 1.0630 – 1.0500.

Alternative scenario: breakout and consolidation above the level of 1.0996 will allow the pair to continue rising to the levels of 1.1170 – 1.1241

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>