EURUSD: Elliott wave analysis and forecast for 02.02.24 – 09.02.24

Main scenario: consider short positions from corrections below the level of 1.1005 with a target of 1.0710 – 1.0615 once a correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.1005 will allow the pair to continue rising to the levels of 1.1141 – 1.1274.

Analysis: a bearish wave of larger degree A is presumably completed on the daily chart. A bullish wave B started unfolding, with the first counter-trend wave 1 of (A) of B and the corrective second wave 2 of (A) of B formed as its part. Apparently, the third wave 3 of (A)… Read full author’s opinion and review in blog of #LiteFinance