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Trader, analyst and instructor with a 6-year experience

EUR/USD: Elliot wave analysis

Monthly. The pair may have finished forming the wave B of the rising Zigzag А-В-С. Wave B is in the form of the Triple Three [w]-[x]-[y]-[x]-[z]. EUR/USD currently keeps forming wave C. Let’s analyze the wave’s structure in detail.

Chart. Monthly EUR/USD

Daily. The marking looks pretty. The pair has finished forming the wave (b) and we’re currently witnessing a downside impulse in the wave (с) of [2]. This week we’ll likely see a decline. The market’s now good for trading.

Chart. Daily EUR/USD

H4. On H4 you may see that the marking has started forming the wave [3] which is usually the most rapid and powerful of the impulse. In the near term we expect the fall to continue.  

Chart. H4 EUR/USD

Roman Petuchov for FBS

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