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 wave [2] which is shown on the previous picture is an (a)-(b)-(c) Zigzag. The wave (b) of this Zigzag is complete and is in the form of widening horizontal triangle. In the near term we expect a decline in the wave (с).

Chart. Daily EUR/USD

H4. Here’s the detailed marking of the wave e of (b). We are probably witnessing a start of a new downtrend. We expect the pair to decline.

Chart. H4 EUR/USD

Roman Petuchov for FBS

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