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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 pair will soon finish the wave II of (C). When the wave II is complete, we’ll see a decline in the wave III.

Chart. Daily EUR/USD

H4. The marking on H4 shows that the wave (3) is almost over. When this wave is formed, we’ll see a corrective wave (4) which may take form of a flat as it often happens with the fourth waves of the impulses. Then the pair will rise in the wave (5) and the formation of II will be over. See the projected trajectory on the picture.

Chart. H4 EUR/USD

Roman Petuchov for FBS

 

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