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EURUSD Elliott Wave Analysis
The analysis of the EURUSD on the daily chart reveals that the market is currently experiencing a counter-trend phase within a corrective pattern. The primary structure identified is Navy Blue Wave 2, following the completion of Navy Blue Wave 1.
Euro/U.S. Dollar (EURUSD) – Day Chart
The market is currently positioned within Gray Wave C, which represents the ongoing correction phase within Navy Blue Wave 2. This correction typically indicates a temporary pullback or consolidation before the larger trend resumes.
Once the correction in Navy Blue Wave 2 is complete, Navy Blue Wave 3 is expected to begin, potentially leading to a stronger impulsive move in the market. The validity of the current wave count is contingent upon the price remaining above the wave cancellation level of 1.12136.
EUR/USD Elliott Wave Technical Analysis
The Elliott Wave analysis on the 4-hour chart for EURUSD illustrates a similar counter-trend phase within a corrective pattern. The primary structure being observed is Navy Blue Wave 2, suggesting a corrective phase following the completion of Navy Blue Wave 1.
Currently, the market is within Gray Wave C, a part of the larger corrective phase of Navy Blue Wave 2. The completion of Navy Blue Wave 1 has led to the development of Navy Blue Wave 2, signifying a temporary pullback or consolidation before the trend resumes.
The anticipated next move, once Wave 2 concludes, is Navy Blue Wave 3, potentially marking the beginning of a more impulsive trend in the market. Traders are advised to monitor the wave cancellation level at 1.12136 for any invalidation of the current wave analysis.
Summary: EURUSD is currently in a corrective phase within Navy Blue Wave 2, following the completion of Navy Blue Wave 1. The market is within Gray Wave C, expecting the commencement of Navy Blue Wave 3. The wave cancellation level to watch is at 1.12136.
Technical Analyst: Malik Awais
[Video] – EUR/USD Elliott Wave Technical Analysis
Source : www.fxstreet.com