Short term Elliott Wave view in $EURUSD suggests that rally from November 11 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave November 11 low, wave ((i)) ended at 1.189 and pullback in wave ((ii)) ended at 1.18. Internal of wave ((ii)) subdivided as a flat structure. Wave (a) ended at 1.1814, wave (b) ended at 1.1906, and wave (c) of ((ii)) ended at 1.18.
Wave ((iii)) is proposed complete at 1.217 as another 5 waves in lesser degree. Up from wave ((ii)) low at 1.18, wave (i) ended at 1.2, and pullback in wave (ii) ended at 1.192. Pair resumed higher in wave (iii) towards 1.214, wave (iv) ended at 1.21, and wave (v) ended at 1.2175. This completed wave ((iii)) in higher degree. Pullback in wave ((iv)) is in progress to correct cycle from November 24 low before the rally resumes. As far as pivot at 1.192 low, and more importantly pivot at 1.18 low remains intact, expect dips to find support in 3, 7, or 11 swing for further upside. The ideal area for wave ((iv)) to complete is 23.6 – 38.2 Fibonacci retracement of wave ((iii)) which comes at 1.203 – 1.208.
EUR/USD 60 Minutes Elliott Wave Chart
