EURUSD: Elliott wave analysis and forecast for 11.11.2022 – 18.11.2022

Main scenario: consider long positions from corrections above the level of 0.9724 with a target of 1.0375 – 1.0618.

Alternative scenario: breakout and consolidation below the level of 0.9724 will allow the pair to continue declining to the levels of 0.9475 – 0.9300.

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. Apparently, an ascending wave B started developing on the H4 chart, with the first counter-trend wave of smaller degree 1 of (A) of B forming as its part. H1 chart: wave i of 1 is formed, a local correction is completed as wave ii of 1, and wave iii of 1 is unfolding. If the presumption is correct, the pair will continue to rise to the levels of 1.0375 – 1.0618. The level of 0.9724 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9475 – 0.9300.

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