EUR/USD: Elliott wave analysis and forecast for 27/03/2020 – 03/04/2020

EUR/USD is correcting, still likely to fall. Estimated pivot point is at a level of 1.1167.

Main scenario: short positions should be considered from corrections below the level of 1.1167 with a target of 1.0500 – 1.0327.

Alternative scenario: breakout and consolidation above the level of 1.1167 will allow the pair to continue the rise up to the levels of 1.1500 – 1.1817

Analysis: Supposedly, the descending fifth wave of senior level (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…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>