EURUSD: Elliott wave analysis and forecast for 30.04.21 – 07.05.21

Main scenario: consider short positions from corrections below the level of 1.2342 with a target of 1.1600 – 1.1489 once a correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.2342 will allow the pair to continue rising to the levels of 1.2500 – 1.2600.

Analysis: Daily time frame: presumably, the first wave of larger degree 1 of (3) formed, and a downside correction is forming as wave 2 of (3). Apparently, wave a of 2 formed and ascending wave b of 2 is developing on the H4 time frame. Supposedly, wave of smaller degree (a) of… Read full author’s opinion and review in blog of #LiteForex