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Elliott Wave Analyst

EUR/USD: bears broke "Triangle"

EUR/USD: bears broke "Triangle"

The last triangle in wave (Y) has been broken, so there’s a bearish impulse, which is taking place on the four-hours chart. It’s likely that wave (iii) is going to be ended soon, so there’s an opportunity to see wave (iv) in the short term. However, bulls will probably try to deliver wave (v) of [i] afterwards, so we should keep an eye on 4/8 Murrey Math Level (P=200) as a possible intraday target.

EUR/USD: bears broke "Triangle"

As we can see on the one-hour chart, bears are developing an impulse in wave (iii). If we see a pullback from 1/8 MM Level, bulls are going to deliver wave (iv). Therefore, 3/8 MM Level could act as a resistance soon.

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