Trader, analyst and instructor with a 6-year experience

EUR/USD: Elliot wave analysis

Weekly. The pair seems to have formed the rising wave [D]. It is a part of a horizontal triangle and is a double zig zag. In the nearest future the pair is likely to decline in the wave [E].

Chart. Weekly EUR/USD

Daily. The pair has already started a sharp decline in the wave [E]. Bearish move is likely to continue.

Chart. Daily EUR/USD

H4. EUR/USD is forming a strong and fast-moving wave 3. We may see a small bullish correction soon. After that the market is likely to extend the downside in the wave 5 and to renew the low. All in all, there is a stable bearish trend on the market. 

Chart. H4 EUR/USD

Roman Petuchov for FBS


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