EUR/USD: Elliott Wave: 20/09/2019 – 27/09/2019

The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.0991.

Main scenario: long positions will be relevant from corrections above the level of 1.0991 with a target of 1.1163 – 1.1249.

Alternative scenario: Breakout and consolidation below the level of 1.0922 will allow the pair to continue declining to the levels of 1.0924 – 1.0850.

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 a diagonal triangle located in wave (С) of 2. Supposedly, the fifth wave 5 of (C) finished forming on the H4 time frame, with wave c of 5 formed inside. Apparently, wave 3 has started forming on the H1 time frame, with counter-trend impulse of junior level i of 1 of (1) of 3 formed, correction ii of 1 of (1) completed and wave iii of 1starting to develop inside. If the presumption is correct, the pair will continue to rise to the levels 1.1163 – 1.1249. The level 1.0991 is critical in this scenario.

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