HomeContributorsTechnical AnalysisElliott Wave View: EURAUD Reaching Support Zone

Elliott Wave View: EURAUD Reaching Support Zone

EURAUD short-term Elliott wave view suggests that the rally to 1.6353 high ended intermediate wave (1) higher. The internals of that degree unfolded as impulse structure with lesser degree cycles showing the sub-division of 5 waves structure. Below from 1.6353 high, the pair is doing an intermediate wave (2) pullback in 3, 7 or 11 swings before upside renew. We don’t like selling the pair as the right side tag favoring more upside.

Down from 1.6353, the pair is doing a 3 wave pullback with lesser degree cycles showing the sub-division of 5-3-5 structure thus favored it to be doing a zigzag correction. The initial decline to 1.6282 low ended Minor wave ((i)), Minor wave ((ii)) bounce ended at 1.6339. Minute wave ((iii)) ended at 1.6152 & Minute wave ((iv)) ended at 1.6192 high. Then finally a move lower to 1.6136 low ended Minute wave ((v)) & also the Minor wave A.

Up from there, the bounce to 1.6332 high ended Minor wave B bounce in lesser degree zigzag correction where Minute wave ((a)) ended at 1.6285. Minute wave ((b)) ended at 1.6226 and Minute wave ((c)) of B 1.6332 high. Near-term focus remains towards 1.6107-1.5969 100%-161.8% Fibonacci extension area of A-B to complete Minor wave C lower in another 5 waves structure and should ideally complete intermediate wave (2) pullback as well. Afterwards, the pair is expected to find buyers looking for new highs or for 3 wave bounce at least.

EURAUD 1 Hour Elliott Wave Chart

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading