Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Elliott Wave Analysis: EURUSD Looks Upside Before Turning Down

EURUSD fell to a new low yesterday so it seems that wave 4 finished earlier than we thought and that latest leg down represents wave 5, final leg of an impulsive wave 1). Price moved closed to 1.3527 support back from early December from where we may see a three wave rally in wave 2), back to 1.3660/1.3720 region. Keep in mind that after every five waves correction follows, so do not get surprised by a temporary change in trend. Larger trend for EURUSD remains down!

EURUSD 4h Elliott Wave Analysis

(click to enlarge)Click to enlarge

Written by

Try 14 Days Trial Just For €1

Video >> EURUSD Elliott Wave Analysis