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 single currency keeps forming impulse wave (С). At the moment we see the formation of the rising corrective wave II. When it’s finished, the downtrend will resume.
Chart. Daily EUR/USD
H4. The wave II is probably taking a form of an upward Zigzag. Strong and rapid wave [A] of this Zigzag is already formed. Taking into account the strength of the wave [A], the wave [B] may take a form of the long horizontal correction. The market will likely keep forming this wave during the whole week.
Chart. H4 EUR/USD
Roman Petuchov for FBS