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Elliott Wave Analyst

EUR/USD: wave [iii] is about to be continued

EUR/USD: wave [iii] is about to be continued

The price has been declining since a pullback from 4/8 Murrey Math Level (P=200) happened, so we’ve got a downward impulse in wave [i]. Also, the pair found a lodgement, which makes possible to have an extension in wave [iii]. Under this circumstances, the intraday target is -2/8 Murrey Math Level.

EUR/USD: wave [iii] is about to be continued

As we can see on the one-hour chart, wave (ii) has been formed under 4/8 Murrey Math Level. Therefore, bears are likely going to deliver wave (iii) in the short term. However, if bulls break 4/8 Murrey Math Level, there’ll be an opportunity to have another wave count with bigger wave 4.

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