EUR/USD: Elliott waves (Dec. 16)
Weekly. In line with the forecast growth EUR/USD went up last week. Now euro’s forming the wave (y) of [D].
Chart. Weekly EUR/USD
Daily. The wave (y) is a double zigzag w – x – y. At the moment the wave x is being formed and it will likely take form of a plane wave.
Chart. Daily EUR/USD
H4. The wave [B] X took the form of a double zigzag and looks completely formed now. We are seeing the beginning of construction of the downward impulse wave [C]. In the near future we expect the decline to continue to reduce in this wave. It will probably be a bearish week.
Chart. H4 EUR/USD
Roman Petuchov for FBS