EURUSD: Elliott wave analysis and forecast for 20.01.2023 – 27.01.2023


Main scenario: consider long positions from corrections above the level of 1.0677 with a target of 1.1020 – 1.1300.

Alternative scenario: breakout and consolidation below the level of 1.0677 will allow the pair to continue declining to the levels of 1.0475 – 1.0378.

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 v of 1 is presumably unfolding, with a local correction developing inside as wave (ii) of v. If the presumption is correct, the pair will continue to rise to the levels of 1.1020 – 1.1300. The level of 1.0677 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0475 – 1.0378.



Price chart of EURUSD in real time mode

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