EUR/USD Daily Elliott Wave Analysis
Wave C is projected to target the 1.11812 to 1.10216 zone, where the 0.618 extension and the equal-leg projection to wave A converge. Price is forming primary wave 3, which can reach the 2.618 extension level in such strong trends, with the current sequence unfolding only once wave C is confirmed complete at its low.
Bias
Turning BearishCurrent wave
Wave C Minor degreeCondition
Corrective FormingConfidence
Medium Count activeInvalidation
1.17252 Count is wrong beyondWave Thesis
Intermediate wave (B) is complete, forming as a flat structure with the high reached near the 0.618-0.764 fib zone around 1.165-1.173. We're now tracking wave (C) of ((A)), the next leg lower.
Elliott 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 Turning 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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