EURUSD: Elliott wave analysis and forecast for 13.10.23 – 20.10.23

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Main scenario: consider long positions from corrections above the level of 1.0446 with a target of 1.0763 – 1.0858.

Alternative scenario: breakout and consolidation below the level of 1.0446 will allow the pair to continue declining to the levels of 1.0256 – 1.0100.

Analysis: a bearish wave of larger degree A is presumably completed on the daily chart. A bullish wave B started unfolding, with the first counter-trend wave 1 of (A) of B formed as its part. A downside correction appears to be forming as the second wave 2 of (A) of B on the H4 chart, with wave а of 2 of (А) formed and a local correction developing as wave b of 2 inside. Apparently, wave (a) of b is developing on the H1 chart, with wave iv of (a) presumably completed as its part. If the presumption is correct, the pair will continue to rise to the levels of 1.0763 – 1.0858. The level of 1.0446 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0256 – 1.0100.



Price chart of EURUSD in real time mode

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