EURUSD: Elliott wave analysis and forecast for 01.10.21 – 08.10.21
Main scenario: consider short positions from corrections below the level of 1.1908 with a target of 1.1287 – 1.1161.
Alternative scenario: breakout and consolidation above the level of 1.1908 will allow the pair to continue rising to the levels of 1.2089 – 1.2269.
Analysis: Daily chart: the first wave of larger degree 1 of (3) is formed, and a downside correction is forming as wave 2 of (3) with wave c of 2 developing inside. Apparently, the third wave of smaller degree (iii) of c is forming on the H4 chart. On the H1 chart, wave i of (iii) of c formed, while local correction in the form of wave ii of (iii) formed as well and wave iii of (iii) is forming. If the presumption is correct, the pair will continue to decline to the levels of 1.1287 – 1.1161. The level of 1.1908 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.2089 – 1.2269.
Price chart of EURUSD in real time mode
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