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EUR/USD: Elliot waves analysis

Weekly. The pair has presumably completed the construction of a correctional wave (b) of [2]. In line with this, in the near future we expect a decline in wave (c) of [2].

Chart. Weekly EUR/USD

Daily. The wave (b) has taken shape of a widening horizontal triangle. Let’s examine the structure of the last section in detail.

Chart. Daily EUR/USD

H4. The final upward wave (C) has taken shape of the Ending Diagonal Triangle. Now we are seeing the price decline in the wave [1], this wave is taking form of a wedge. Quite often, at the beginning of a new trend a wedge is formed. When the wave [1] is complete, we’ll see a correction [2] . When the waves [1] and [2] are fully formed, the decline will continue.

Chart. H4 EUR/USD

Roman Petuchov for FX BAZOOKA

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