EUR/USD: Elliott Wave Analysis And Forecast For 14/02/2020 – 21/02/2020

The pair EUR/USD remains likely to fall. Estimated pivot point is at a level of 1.0887.

Main scenario: short positions should be considered from corrections below the level of 1.0887 with a target of 1.0750 – 1.0600.

Alternative scenario:breakout and consolidation above the level of 1.0887 will allow the pair to continue the rise up to the levels of 1.0990 – 1.1094.

Analysis: Supposedly, a descending correction of senior level continued developing in the form of the second wave 2 on the daily time frame with the wave C of 2 developing within. On the H4 time frame, presumably, a local correction finished developing as the fourth wave 4 of (C) and the fifth wave 5 of (C) is forming now, with wave a of 5.forming as part of it. Apparently, the third wave of junior level (iii) of a of 5 is developing on the H1 time frame. If this assumption is correct, the pair will continue to fall to 1.0750 – 1.0600. The level 1.0887 is critical in this scenario.

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