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Elliott Wave Analyst

EUR/USD: bearish wedge going to move on

EUR/USD: bearish wedge going to move on

There’s a possible wedge in wave (a). Previously, we’ve got two pullbacks from 6/8 Murrey Math Level (P=200), which led to the current downward price movement. Wave iv was formed last Friday, so there’s an opportunity to have wave v of (a) in the short term. The main bearish target is 1/8 MM Level.

EUR/USD: bearish wedge going to move on

As we can see on the one-hour chart, there’s a zigzag in wave iv, so we’ve got a downward impulse in wave [1] as a result. Under this circumstances, it’s likely to have wave [3] of v soon, so we should keep an eye on -1/8 MM Level as a possible bearish target.

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