EUR/USD: Elliott wave analysis and forecast for 11.10.24 – 18.10.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: once the correction ends, consider long positions above the level of 1.0773 with a target of 1.1400 – 1.1600. A buy signal: if the price holds above 1.0773. Stop Loss: below 1.0700, Take Profit: 1.1400 – 1.1600.
  • Alternative scenario: breakout and consolidation below the level of 1.0773 will allow the pair to continue declining to the levels of 1.0594 – 1.0440. A sell signal: once the level of 1.0773 is broken to the downside. Stop Loss: above 1.0850, Take Profit: 1.0594 – 1.0440.

Main scenario

Consider long positions above the level of 1.0773 with a target of 1.1400 – 1.1600 once the correction is formed.

Alternative scenario

Breakout and consolidation below the level of 1.0773 will allow the pair to continue declining to the levels of 1.0594 – 1.0440.

Analysis

A bullish wave B is presumably developing on the daily time frame, with the third wave 3 of (A) of B unfolding as its part. The third wave of smaller degree iii of 3 of (A) appears to be forming on the H4 time frame, with wave (iii) of iii continuing developing as its part. On the H1 chart, wave iii of (iii) is formed, and a local correction is nearing completion as wave iv of iii. If the presumption is correct, the EURUSD pair will continue to rise to the levels of 1.1400 – 1.1600 after the correction ends. The level of 1.0773 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0594 – 1.0440.



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 LiteFinance. 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.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    The Best Crypto to Buy: Your Guide to Investing in Cryptocurrency in 2025

    Cryptocurrencies are becoming increasingly popular among investors, including both beginners and major players. As traditional fiat markets wobble under economic pressures, digital assets are becoming a reliable way to diversify…

    How to Read Candlestick Charts?

    Want to learn how to read the market like a pro? Candlestick analysis is the key to understanding trader psychology and predicting price movements in the Forex, stock, or cryptocurrency…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Cyprus Stock Exchange Suspends Three Firms Following CySEC Directive for Reporting Failures

    • July 31, 2025
    Cyprus Stock Exchange Suspends Three Firms Following CySEC Directive for Reporting Failures

    Trump Tariff on India: Will 25% Tax Hurt Exports?

    • July 31, 2025
    Trump Tariff on India: Will 25% Tax Hurt Exports?

    Key Economic Events to Watch in August 2025

    • July 31, 2025
    Key Economic Events to Watch in August 2025

    Paper Silver vs Physical Silver: What Investors Still Get Wrong?

    • July 31, 2025
    Paper Silver vs Physical Silver: What Investors Still Get Wrong?