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. The critical level of this marking is shown on the picture with the red line. If the price crosses this line, the marking should be changed. In this case we’ll stick to an alternative scenario, according to which EUR/USD keeps forming the wave (b).
Chart. Daily EUR/USD
H4. The wave II looks complete. We expect a decline in the wave III.
Chart. H4 EUR/USD
Roman Petuchov for FBS