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Elliott Wave View: Further Strength in EURUSD

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Short term Elliott wave view in EURUSD suggests that the rally from May 23 low (1.11) unfolded as a 5 wavesleadingdiagonal.Up from May 23 low, wave (i) ended at 1.1215 and wave (ii) pullback ended at 1.1115. Pair then resumes higher in wave (iii) to 1.13068, wave (iv) pullback ended at 1.12, and wave (v) of ((i)) ended at 1.1309. As wave (i) and wave (iv) overlaps, this is an example of a 5 waves leading diagonal. The 5 waves diagonal can either end wave ((i)) or wave ((a)). The implication however is the same that further upside is likely.

Short term, pair is correcting the cycle from May 23 low within wave ((ii)) in 3, 7, or 11 swing. Potential target for wave ((ii)) pullback can be measured as 100% Fibonacci extension of (a)-(b) which comes at 1.119 1.123 area. Buyers can appear from this area during the dips and pair can extend higher in wave ((iii)) afterwards. Pullback ideally stays above 1.1194 (1.618 fibonacci extension) of wave (a)-(b) or else the decline can become impulsive. We dont like selling the pair. While pivot at 1.1106 low remains intact in the pullback, expect pair to resume higher again.

EURUSD 1 Hour Elliott Wave Chart


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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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