EUR/USD: Elliott Wave Analysis And Forecast For 13/03/2020 – 20/03/2020

The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.0875.Main scenario: short positions should be considered from corrections below the level of 1.0875 with a target of 1.0500 – 1.0327.Alternative scenario:breakout and consolidation above the level of 1.0875 will allow the pair to continue the rise up to the levels of 1.1010 – 1.1230.Analysis: On the weekly time frame, a descending correction of senior level continues forming and the fifth wave (5) of С is developing as part of it. On the daily time frame, the first wave 1 of (5) formed and a local correction finished forming as wave 2 of (5). Apparently, wave 3 of (5) started developing on the H4 time frame, with the first wave of junior level i of 3 forming inside. If the presumption is correct, the pair will continue to drop to the levels of 1.0500 – 1.0327. The level of 1.0875 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1010 – 1.1230.

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