Trader, analyst and instructor with a 6-year experience

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

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