EUR/USD: Elliott Wave Analysis And Forecast For 24/01/2020 – 31/01/2020

The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.0979.

Main scenario: long positions will be relevant above the level of 1.0979 with a target of 1.1300 – 1.1410.

Alternative scenario:breakout and consolidation below the level of 1.0979 will allow the pair to continue declining to the levels of 1.0881 – 1.0800.

Analysis: Supposedly, a descending correction of senior level finished developing on the daily time frame in the form of the second wave 2 and the third wave 3 is starting to develop. On the H4 timeframe, apparently, the first counter-trend wave 1 of (1) of 3 has formed, a descending correction is completed as the second wave 2 of (1) of 3 and wave 3 of (1) has started forming. On the H1 time frame, apparently, the first wave of junior level i of 3 of (1) has formed and a local correction is nearing completion in the form of wave ii of 3 of (1). If the presumption is correct, the pair may be expected to rise to the levels of 1.1300 – 1.1410 as part of wave iii of 3. The level 1.0979 is critical in this scenario.

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