EUR/USD: Elliott Wave Analysis And Forecast For 07/02/2020 – 14/02/2020

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1095.

Main scenario: short positions will be relevant from corrections below the level of 1.1095 with a target of 1.0881 – 1.0800.

Alternative scenario:breakout and consolidation above the level of 1.1095 will allow the pair to continue the rise up to the levels of 1.1241 – 1.1410.

Analysis: Supposedly, a descending correction of senior level continued developing in the form of the second wave 2 on the daily time frame with the wave C of 2 developing within. Presumably, a local correction finished developing as the fourth wave 4 of (C) and the fifth wave 5 of (C) is forming now on the H4 time frame. Apparently, the third wave of junior level (iii) of a of 5 is developing on the H1 time frame. If this assumption is correct, the pair will continue to fall to 1.0881 – 1.0800 The level 1.1095 is critical in this scenario.