EUR/USD Elliott explained by professional Forex trading experts the “EUR/USD Elliott FX trading team.
After a two-month grind towards lower levels, EUR/USD has shot higher. We were anticipating the bounce during the sell off at a bounce to 1.17 and possibly higher. Now that EUR/USD has continued to rise, it appears poised to retest its 1.2060 highs make a run at 1.22.
The Elliott Wave models we are following suggest a dip in prices may occur first prior to a 1.2060 retest. This dip in EUR/USD may move down to the 1.18 level. From there, the models diverge with some pointing to higher levels and others suggesting a deeper set back to near 1.17.
Through the lens of standard trend lines, EUR/USD is retesting the bottom side of a parallel trend line in place since early 2017. If the market can comfortably move above this level, then the door is open towards new highs.
Here is the skinny on the Elliott Wave count. The November low represents the fourth wave low of a five wave impulsive sequence. The fifth wave began November 6 and represents a terminal wave at two degrees of trend. That means once this fifth wave exhausts to the upside, it will also exhaust the ‘C’ wave of a large expanded flat pattern that began March 2015. This implies an important top for EUR/USD, but we are not there yet.
EUR/USD Elliott Conclusion
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