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EURUSD: Elliott wave analysis and forecast for 02.07.21 – 09.07.21

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Main scenario: consider short positions from corrections below the level of 1.1974 with a target of 1.1600 – 1.1489.

Alternative scenario: breakout and consolidation above the level of 1.1974 will allow the pair to continue rising to the levels of 1.2269 – 1.2500.

Analysis: Presumably, the first wave of larger degree 1 of (3) formed, and a downside correction is forming as wave 2 of (3) in the daily timeframe. Apparently, wave a of 2 and an ascending wave b of 2 formed in the H4 time frame. A descending wave c of 2 is developing in the H1 time frame, with the third wave of a smaller degree (iii) of c developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1600 – 1.1489. The level of 1.1974 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.2500 – 1.2600.



     

Price chart of EURUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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