Report
Eric Morera

Elliott Wave View: EURUSD 7 Swing Rally

 

Short term Elliott Wave in EURUSD suggests rally to 1.078 ended wave ((4)). Wave ((5)) lower is currently in progress with subdivision as a 5 waves impulse Elliott Wave structure. Pair however still needs to break previous wave ((3)) low at 1.0348 on May 13, 2022 to rule out a double correction. Down from wave ((4)), wave 1 ended at 1.0625 and rally in wave 2 ended at 1.0774. Pair then resumes lower in wave 3 towards 1.0395, and rally in wave 4 ended at 1.0508. Final leg lower wave 5 ended at 1.0357 which also completed wave (1) in higher degree.

Wave (2) rally is in progress to correct cycle from 5/31/2022 high before the decline resumes. Subdivision of wave (2) is unfolding as a . Up from wave (1), wave ((a)) ended at 1.0469 and pullback in wave ((b)) ended at 1.0379. Wave ((c)) higher ended at 1.0601 which completed wave W. Pullback in wave X ended at 1.044 and pair can extend higher in wave Y of (2) now towards 1.069 – 1.0746 area before the decline resumes. Near term, as far as pivot at 1.078 holds, expect rally to fail in 3, 7, 11 swing for further downside.

EURUSD 90 Minutes Elliott Wave Chart

EURUSD Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-eurusd-7-swing-rally/

#elliottwave #trading #EURUSD

Provider
Elliott Forecast
Elliott Forecast

Elliottwave-Forecast.com (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 52 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. 

Analysts
Eric Morera

Other Reports from Elliott Forecast

ResearchPool Subscriptions

Get the most out of your insights

Get in touch