EURUSD: Elliott wave analysis and forecast for 11.08.23 – 18.08.23

Main scenario: consider long positions above the level of 1.0781 with a target of 1.1480 – 1.1700 once a correction is formed.

Alternative scenario: breakout and consolidation below the level of 1.0781 will allow the pair to continue declining to the levels of 1.0630 – 1.0497.

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 formed as its part. A correction appears to have formed as the second wave 2 of (A) of B on the H4 chart,… Read full author’s opinion and review in blog of #LiteFinance