EURUSD: Elliott wave analysis and forecast for 20.11.2020 – 27.11.2020

Main scenario: consider long positions from corrections above the level of 1.1809 with a target of 1.2019 – 1.2100.

Alternative scenario: breakout and consolidation below the level of 1.1809 will allow the pair to continue declining to the levels of 1.1715 – 1.1596.

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