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EURUSD: Elliott wave analysis and forecast for 16.07.2021 – 23.07.2021

Principal situation: take into account quick positions from corrections beneath the extent of 1.1974 with a goal of 1.1600 – 1.1489.

Various situation: breakout and consolidation above the extent of 1.1974 will enable the pair to proceed rising to the degrees of 1.2269 – 1.2500.

Evaluation: Presumably, the primary wave of bigger diploma 1 of (3) shaped and a draw back correction is forming as wave 2 of (3) on the every day timeframe. Apparently, wave a of two and an ascending wave b of two shaped on the H4 timeframe. A descending wave c of two is creating on the H1 timeframe, with the third wave of smaller diploma (iii) of c accomplished and an area correction nearing completion as wave (iv) of c inside. If the presumption is appropriate, the pair will proceed to fall to the degrees of 1.1600 – 1.1489 after correction. The extent of 1.1974 is crucial on this situation. Its breakout will enable the pair to proceed rising to the degrees of 1.2269 – 1.2500.

Value chart of EURUSD in actual time mode

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