EUR/USD: Elliott wave analysis and forecast for 19/06/2020 – 26/06/2020

EUR/USD is correcting, still likely to grow. Estimated pivot point is at a level of 1.1096.

Main scenario: long positions should be considered above the level of 1.1096 with a target of 1.1495 – 1.1605 once the correction has formed.

Alternative scenario: breakout and consolidation below the level of 1.1096 will allow the pair to continue declining to the levels of 1.1019 – 1.0769.

Analysis: Supposedly, a descending correction of 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 first counter-trend…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>