EUR/USD: Elliott Wave Analysis And Forecast For Sept. 27- Oct. 4

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1074.

Main scenario: short positions will be relevant from corrections below the level of 1.1074 with a target of 1.0850 – 1.0800.

Alternative scenario: breakout and consolidation above the level of 1.1074 will allow the pair to continue the rise up to the levels of 1.1250 – 1.1414.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave 2 continued developing on the daily time frame as a zigzag with a diagonal triangle located in wave (С) of 2. Supposedly, the fifth wave 5 of (C) continues forming on the H4 time frame, with wave c of 5 forming inside. Apparently, the fifth wave of junior level (v) of c of 5 is forming on the H1 time frame, with wave iii of (v) developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1.0850 – 1.0800. The level 1.1074 is critical in this scenario.

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