EUR/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020

The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.1017.

Main scenario: consider long positions from corrections above the level of 1.0871 with a target of 1.1250 – 1.1490.

Alternative scenario: breakout and consolidation below the level of 1.0871 will allow the pair to continue declining to the levels of 1.0633 – 1.0528.

Analysis: Supposedly, a descending correction of senior level finished developing in the form of wave (2) on the daily time frame. The third wave (3) started developing on the H4 time frame, with wave iii of 1 of (3) forming inside….<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>