EURUSD: Elliott wave analysis and forecast for 08.01.21 – 15.01.21

Main scenario: consider long positions above the level of 1.2116 with a target of 1.2400 – 1.2500 once the correction formed.

Alternative scenario: breakout and consolidation below the level of 1.2116 will allow the pair to continue declining to the levels of 1.1971 – 1.1738.

Analysis: Daily time frame: presumably, the first wave of larger degree 1 of (3) continues developing, with wave v of 1 forming inside. On the H4 time frame, the third wave of smaller degree (iii) of v finished forming, and a descending correction is developing as the fourth wave (iv) of v. Apparently, wave a… Read full author’s opinion and review in blog of #LiteForex