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Trader, analyst and instructor with a 6-year experience

EUR/USD: Elliott waves (Nov. 25)

Weekly. The pair keeps forming the global convergent triangle. Euro has completed the ascending wave [D], and we are now seeing the beginning of a decline in wave [E].

Chart 1. Weekly EUR/USD

Daily. EUR has fully formed downward impulse wave [1], and we are now seeing a rise in the correctional wave [2]. When it is complete, the decline will continue.

Chart 2. Daily EUR/USD

H4. Judging from the depth of the correction (B), the wave [2] is taking the form of a zigzag. However, the wave (A) of [2] isn’t an impulse. Therefore, we can assume that the whole structure is a wave plane with a shallow wave (B). In the near future we are waiting for a slight rise and then decline will continue.

Chart 3. H4 EUR/USD

Roman Petuchov for FBS

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