EUR/USD: Elliott waves (Feb. 3)
Daily. The pair keeps forming penultimate wave [D] of the global convergent horizontal triangle.
Chart. Daily EUR/USD
H4. We see the formation of the wave (y) which takes the form of a double Zigzag. When the correctional wave [B] is complete, the pair may rise in the impulse [C], as indicated at the picture.
Chart. H4 EUR/USD
H1. Here’s the detailed layout wave [B]. The fact that the correction went below the end of wave (A) tells us that the market can form a very powerful wave (C) of [B]. This is what we see in the last section. In the coming days we expect the decline to continue. When the wave (C) is fully built, EUR/USD will start rising.
Chart. H1 EUR/USD
Roman Petuchov for FBS