EURUSD: Elliott wave analysis and forecast for 30.07.2021 – 06.08.2021

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Main scenario: consider long positions from corrections above the level of 1.1750 with a target of 1.2269 – 1.2500.

Alternative scenario: breakout and consolidation below the level of 1.1750 will allow the pair to continue declining to the levels of 1.1600 – 1.1489.

Analysis: Daily time frame: the first wave of larger degree 1 of (3) is formed, and a downside correction appears to have formed as wave 2 of (3). A downward wave c of 2 appears to have formed on the H4 time frame, with the fifth wave of smaller degree (v) of c completed inside. The third wave 3 of (3) is starting to unfold on the H1 time frame, 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 1.2269 – 1.2500. The level of 1.1750 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.1600 – 1.1489.



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 LiteForex. 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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