Elliott Wave Analysis: EURUSD Still In A Triangle; More Downside Still To Follow In Sub-wave D 

eurusd technical analysis

Gregor - Author BIO photoEURUSD is trading lower for the last few weeks, away from 78.6% Fibonacci level after that broken channel support line connected from wave X). In fact, fall is quite sharp so we are confident that it belongs to a bigger decline; thus a three wave drop down in wave D circled that is part of a big triangle placed in wave IV.


eurusd daily analysis

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On the lower time frames, EURUSD is displaying a nice bearish price action from 1.1616 which is looking impulsive. Impulses are five wave patterns so based on recent developments and retracement up to 1.1217 we think that this is just another correction within ongoing downtrend. Ideally it’s wave 4 that is now already at resistance area so new turn down may follow in sessions ahead towards 1.1000 to complete wave A) of wave D that belongs to a big triangle pattern as shown on a daily chart.


eurusd technical analysis

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A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivides into 3-3-3-3-3.

A basic Triangle pattern :

triangle eurusd


By Gregor Horvat

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