Elliott Wave Analysis: EURUSD Marching Higher
Elliott Wave Analysis: EURUSD Marching Higher
EURUSD is again at the highs, which means higher degree wave 3 is still underway (as visible on the daily chart). As such we see current bullish movement as final part of black wave 3. Specifically we see price unfolding a five-wave movement within the minor red wave v), with projection target of Fibonacci ratio of 161.8% that comes in around 1.2160. Ideally once this regions are touched, a new reversal lower may come in play.
EURUSD, 4H
On the daily chart of EURUSD we can see a nice rising price action since start of the year with increasing bullish momentum, which indicates that market can be making an impulsive leg, seen as wave C) of a big flat correction. If we are correct, then current leg up is wave 3 that can be trading in final stages. Once wave 3 fully unfolds, a new three-wave correction into wave 4 can follow.
EURUSD, Daily
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