EURUSD: Elliott wave analysis and forecast for 19.05.23 – 26.05.23 | LiteFinance

Main scenario: consider short positions from corrections below the level of 1.1093 with a target of 1.0500 – 1.0334.

Alternative scenario: breakout and consolidation above the level of 1.1093 will allow the pair to continue rising to the levels of 1.1300 – 1.1500.

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 continues unfolding as second wave 2 of (A) of B, with wave c of 2 forming as its part. The first wave of smaller degree (i) of c is nearing completion on the H1 chart. If this assumption is correct, the pair will continue to drop to 1.0500 – 1.0334 once corrective wave (ii) of c is completed. The level of 1.1093 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1300 – 1.1500.

Price chart of EURUSD in real time mode

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