EURUSD: Elliott wave analysis and forecast for 15.01.21 – 22.01.21

Main scenario: consider long positions above the level of 1.2110 with a target of 1.2400 – 1.2500.

Alternative scenario: breakout and consolidation below the level of 1.2110 will allow the pair to continue declining to the levels of 1.1971 – 1.1738.

Analysis: Presumably, the first wave of larger degree 1 of (3) continues developing on the daily time frame, 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 developed as the fourth wave (iv) of v, presumably. Apparently, the fifth wave (v)… Read full author’s opinion and review in blog of #LiteForex