EURUSD: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 1.0763 with a target of 1.0990 – 1.1043. A buy signal: if the price holds above 1.0763. Stop Loss: below 1.0700, Take Profit: 1.0990 – 1.1043.
  • Alternative scenario: breakout and consolidation below the level of 1.0763 will allow the pair to continue declining to the levels of 1.0605 – 1.0400. A sell signal: once the level of 1.0763 is broken to the downside. Stop Loss: above 1.0800, Take Profit: 1.0605 – 1.0400.

Main scenario

Consider long positions from corrections above the level of 1.0763 with a target of 1.0990 – 1.1043.

Alternative scenario

Breakout and consolidation below the level of 1.0763 will allow the pair to continue declining to the levels of 1.0605 – 1.0400.

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 С is formed on the H1 time frame, and a local correction is unfolding as wave ii of C. If the presumption is correct, EURUSD will continue rising to the levels of 1.0990 – 1.1043. The level of 1.0763 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0605 – 1.0400.



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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