EUR/USD: Elliott Wave Analysis And Forecast For 29/11/2019 – 06/12/2019

The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.0986.

Main scenario: long positions will be relevant from corrections above the level of 1.0986 with a target of 1.1181 – 1.1281.

Alternative scenario: Breakout and consolidation below the level of 1.0986 will allow the pair to continue declining to the levels of 1.0880 – 1.0800.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave 2 finished developing on the daily time frame as a zigzag, with wave (С) of 2 formed inside. Supposedly, the third wave 3 is starting to develop on the H4 time frame with the first counter-trend wave of junior level i of 1 of (1) of 3 formed and the descending correction ii of 1 of (1) of 3 completed inside. Apparently, wave iii of 1 begins developing on the 1H time frame. If the presumption is correct, the pair may be expected to rise to the levels of 1.1181 – 1.1281. The level 1.0986 is critical in this scenario.

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