EURUSD: Elliott wave analysis and forecast for 02.06.23 – 09.06.23
Main scenario: consider long positions from corrections above the level of 1.0632 with a target of 1.1097 – 1.1300.
Alternative scenario: breakout and consolidation below the level of 1.0632 will allow the pair to continue declining to the levels of 1.0500 – 1.0334.
Analysis: a bearish wave of larger degree A is presumably completed on the daily chart, with the fifth wave (5) of А formed as its part. A bullish wave B started developing. On the H4 chart, apparently, the first counter-trend wave 1 of (A) of B finished forming, and a correction is presumably completed as second wave 2 of (A) of B, with wave c of 2 formed as its part. The third wave 3 of (А) of B is presumably starting to unfold on the H1chart, with the first counter-trend wave of smaller degree (i) of i of 3 forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1.1097 – 1.1300. The level of 1.0632 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0500 – 1.0334.
Price chart of EURUSD in real time mode
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