EUR/USD Daily Elliott Wave Analysis
EUR/USD has completed wave ((iii)) near 1.1161 and is expected to move sideways in wave ((iv)), possibly as a triangle, towards 1.1278 to 1.1350. Once that completes, we expect wave C to continue lower towards 1.1094.
Bias
Bullish near term Near-term Bullish, Long-term BearishCurrent wave
Wave C Minor degreeCondition
Impulsive FormingConfidence
Medium Count activeInvalidation
1.15665 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 C, of Minor degree, on the daily timeframe.
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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