Short term Elliott Wave view on EURUSD suggests the cycle from 10.04.2022 high is over at 0.9630 low as a double correction structure. The market bounced and a new double correction is in progress to end the cycle from 9.28.2022. Up from 10.13.2022 low, wave (a) ended at 0.9808 and dips in wave (b) ended at 0.9706 as a flat correction.
Pair then resumes higher in wave (c). In lesser degree wave i of (c) ended at 0.9768. Pullback in wave ii ended at 0.9710 with internal subdivision as a zigzag structure. Then rally resume and wave iii finish at 0.9873 and corrective wave iv ended at 0.9811. Near term, we are developing last push higher. This should complete wave v of (c) and the first leg of the double correction as wave ((w)). We are expecting that wave ((w)) should fail in 0.9888 – 0.9930 area and the pair should enter in a correction. As far as pivot at 0.9630 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
EURUSD 60 Minutes Elliott Wave Chart
