EURUSD: Elliott Wave Analysis and Forecast for 15.11.24 – 22.11.24

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 1.0824 with a target of 1.0400 – 1.0193. A sell signal: the price holds below 1.0824. Stop Loss: above 1.0850, Take Profit: 1.0400 – 1.0193.
  • Alternative scenario: Breakout and consolidation above the level of 1.0824 will allow the pair to continue rising to the levels of 1.1043 – 1.1210. A buy signal: the level of 1.0824 is broken to the upside. Stop Loss: below 1.0800, Take Profit: 1.1043 – 1.1210.

Main Scenario

Consider short positions from corrections below the level of 1.0824 with a target of 1.0400 – 1.0193.

Alternative Scenario

Breakout and consolidation above the level of 1.0824 will allow the pair to continue rising to the levels of 1.1043 – 1.1210.

Analysis

An 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 H1 time frame shows that wave iii of C is presumably completed and a local corrective wave iv of C has started unfolding. If this presumption is correct, the EURUSD pair will continue dropping to 1.0400 – 1.0193 after correction. The level of 1.0824 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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