Currency Analyst since 2010

EUR/USD: Elliott waves (Nov. 18)

Weekly. The pair keeps forming a global convergent triangle. Wave [D] is complete. We are seeing the beginning of construction of the descending wave [E].

Chart 1. Weekly EUR/USD

Daily. Wave [D] took the form of a double Zigzag W – X – Y. We saw a decrease in the impulse wave [1] and the construction of a small correctional wave [2]. When the wave [2] is formed, we expect the decline to continue in wave [3].

Chart 2. Daily EUR/USD

H4. Here’s the detailed layout of the last section. Wave [2] is taking the form of a double Zigzag. The detailed layout of this section is difficult for now. Most likely in the near future we will see a slight rise, and then a decline in the impulse wave [3] will start.

Chart. H4 EUR/USD

Roman Petuchov for FBS

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