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Elliott Wave Analyst

EUR/USD: bears going to form impulse wave

EUR/USD: bears going to form impulse wave

We’ve got a possible truncated wave v of (c), so there’s an opportunity to have a downward impulse in wave i. The main intraday target is 4/8 Murrey Math Level (P=200). If we see a pullback from this level, bulls will probably try to deliver wave ii.

EUR/USD: bears going to form impulse wave

As we can see on the one-hour chart, there’s a double pullback from 8/8 Murrey Math Level (P=200). Also, we’ve got a bearish impulse in wave [1], so the market is likely going to decline in wave [3] shortly. Under this circumstances, we should keep an eye on 3/8 MM Level as a possible bearish target.

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