EUR/USD: Elliot wave analysis
Daily. The lower limit of the Ichimoku cloud supported EUR/USD at the beginning of last week. Support was provided by Senkou Span B ($1.3370) which turned out to be a good starting point for corrective recovery to the upper boundary of the Cloud and the Tenkan-sen. It should be noted that the Cloud has stopped narrowing (SSA, SSB), but the dead cross (C) is still active, so the global corrective decline is not yet completed.
Chart. Daily EUR/USD
H4. The situation at the H4 chart has started to change in favor of the bulls. The pair entered the Ichimoku Cloud the short-term formed a golden cross (C) in the middle of the week. In the near future this cross will help the bulls who may aim for the top of the Cloud ($1.3560). Strong support level is just above the 1.3400 handle.
Chart. H4 EUR/USD