EURUSD: Elliott Wave Analysis and Forecast for 08.11.24 – 15.11.24

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 1.0946 with a target of 1.0605 – 1.0400. A sell signal: the price holds below 1.0946. Stop Loss: above 1.0980, Take Profit: 1.0605 – 1.0400.
  • Alternative scenario: Breakout and consolidation above the level of 1.0946 will allow the pair to continue rising to the levels of 1.1043 – 1.1210. A buy signal: the level of 1.0946 is broken to the upside. Stop Loss: below 1.0990, Take Profit: 1.1043 – 1.1210.

Main Scenario

Consider short positions from corrections below the level of 1.0946 with a target of 1.0605 – 1.0400.

Alternative Scenario

Breakout and consolidation above the level of 1.0946 will allow the pair to continue rising to the levels of 1.1043 – 1.1210.

Analysis

The ascending first wave of larger degree (1) is presumably formed on the daily chart, and a downside correction is unfolding as the second wave (2). Apparently, wave В of (2) has formed and wave С of (2) is developing on the H4 time frame. The first wave of smaller degree i of C is completed, a local correction has developed as wave ii of C, and the third wave iii of C has started unfolding on the H1 chart. If this assumption is correct, the EURUSD pair will continue to fall to 1.0605 – 1.0400. The level of 1.0946 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1043 – 1.1210.



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.

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This post is originally published on LITEFINANCE.

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