EUR/USD: Elliott Wave Analysis And Forecast For 08/05/2020 – 15/05/2020

The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.0720.

Main scenario: Consider long positions from corrections above the level of 1.0720 with a target of 1.1170 – 1.1496.

Alternative scenario: Breakout and consolidation below the level of 1.0720 will allow the pair to continue declining to the levels of 1.0528 – 1.0414.

Analysis: Supposedly the descending fifth wave of larger degree (5) of С continues developing on the daily time frame, with the first wave 1 of (5) and correction 2 of (5) formed inside. The third wave 3 of (5) started developing on the H4 time frame, with an ascending correction developing in the form of wave ii of 3 inside. Apparently wave (c) of ii continues developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.1170 – 1.1496. The level of 1.0720 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0528 – 1.0414.

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