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. Euro has almost finished forming corrective wave II.

Chart. Daily EUR/USD

H4. The wave II took form of the Zigzag. In the near term we expect rising wave (5) to end. After that we may see a new downtrend in the wave III.

Chart. H4 EUR/USD

Roman Petuchov for FBS

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