EURUSD: Elliott wave analysis and forecast for 10.03.23 – 17.03.23

Main scenario: consider short positions from corrections below the level of 1.0690 with a target of 1.0328 – 1.0165.

Alternative scenario: breakout and consolidation above the level of 1.0690 will allow the pair to continue rising to the levels of 1.1035 – 1.1300.

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 of smaller degree 1 of (A) of B finished forming, and a downside correction is unfolding as wave 2 of (A) of B, with wave а of 2 forming as its part. On the H1 chart, a corrective wave (iv) of a is completed, and wave (v) of a is developing, with wave ii of (v) coming to an end as its part. If the presumption is correct, the pair will continue to drop to the levels of 1.0328 – 1.0165. The level of 1.0690 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1035 – 1.1300.

Price chart of EURUSD in real time mode

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