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Trader, analyst and instructor with a 6-year experience

EUR/USD: Elliot wave analysis

Weekly. The pair keeps forming corrective wave [2] which is taking form of a Zigzag with the wave (b) in the form of a long horizontal correction.

Chart. Weekly EUR/USD

Daily. The wave (b) may be complete. We are now witnessing the start of the wave (С) of [2].

Chart. Daily EUR/USD

H4. The price is likely to rise a bit more in the wave 2 which is taking the form of a Zigzag. When this wave is complete, we’ll see the beginning of a new downtrend in the wave 3. The critical level for this scenario is $1.3450. If this level is crossed, the forecast will be cancelled.

Chart. H4 EUR/USD

Roman Petuchov for FBS

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