EUR/USD 1H Intraday Elliott Wave Analysis
EURUSD - EURO currency pair is in a short-term correction for Minute Wave ((ii)), unfolding as a bounce. Its first two legs, Wave (a) and Wave (b), have completed at 1.165 and 1.156 respectively. The final leg of the corrective upside is now in process: its internal Wave i completed at the liquidation of Micro Wave ((4)) of Wave c of Wave (b), at 1.161. Micro Wave ((B)) is currently unfolding following the completion of Micro Wave ((A)), as part of the Wave ii correction, which is set to complete at the low of 1.1580–1.1587. After the completion of this Correction price is expected to finish its Wave (c) in the price range of 1.164 - 1.167, and will continue the larger Bearish Trend.
Bias
Bullish near term Near-term Bullish, Long-term BearishElliott 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.
Based on the current Elliott Wave structure, our analysis shows a Near-term Bullish, Long-term 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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