EURUSD: Elliott wave analysis and forecast for 12.08.2022 – 19.08.2022.

Main scenario: consider long positions from corrections above the level of 1.0119 with a target of 1.0618 – 1.0787.

Alternative scenario: breakout and consolidation below the level of 1.0119 will allow the pair to continue declining to the levels of 0.9959 – 0.9800.

Analysis: a corrective wave of larger degree B presumably continues developing as irregular flat (А)-(В)-(С) on the weekly chart. Apparently, wave (В) of B is completed on the daily chart, with wave С of (B) formed as its part. A bullish wave (С) of B has started developing. An ascending wave i of 1 of (C) is presumably unfolding on the H4 chart, with the first counter-trend wave of smaller degree (i) of i of 1 of (C) forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 1.0618 – 1.0787. The level of 1.0119 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9959 – 0.9800.

Price chart of EURUSD in real time mode

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