EUR/USD 4H Elliott Wave Analysis
Wave (iii) appears to be nearing completion around the 1.618-2.618 extension zone at 1.14171-1.12708. From there, we expect a corrective Wave (iv) retracement, with the 1.14190–1.14635 area and base channel support acting as potential resistance. A rejection from this area could lead to a final Wave (v) decline.
Bias
BearishCurrent wave
Wave 3 Primary degreeCondition
Corrective Near CompleteConfidence
Medium Count activeInvalidation
1.15234 Count is wrong beyondElliott Wave analysis is a technical analysis method that identifies repeating price patterns, or "waves," shaped by shifts in investor psychology. It's used to forecast probable future price direction based on the market's current wave structure.
No. Elliott Wave analysis identifies the most probable wave count and price scenario based on current market structure, but markets can and do invalidate a count. It should be used alongside proper risk management, not as a standalone guarantee.
An impulse wave is a five-wave structure that moves in the direction of the larger trend, while a corrective wave is a counter-trend structure (commonly three waves) that retraces part of the prior move.
As of this analysis, EUR/USD is trading in Wave 3, of Primary degree, on the 4h timeframe.
Based on the current Elliott Wave structure, our analysis shows a Bearish bias for EUR/USD.
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Sign In to CommentThis analysis is for information and education only and is not financial advice. Trading leveraged products such as forex, futures and CFDs carries a high risk of loss and may not be suitable for all investors. Past performance is not a guide to future results.
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