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Elliott Wave View: EURUSD Rallying in Zigzag

Short Term Elliott Wave View in EURUSD suggests the decline from February 10, 2022 peak is unfolding as a 5 waves impulse Elliott Wave structure. Down from February 10, wave (1) ended at 1.0806 and rally in wave (2) ended at 1.1185. Pair then resumes lower in wave (3) and ended at 1.0348. Wave (4) corrective rally is presently in progress with internal subdivision as a zigzag structure.

Up from wave (3) low on May 13, wave ((i)) ended at 1.04384 and dips in wave ((ii)) ended at 1.0388. Pair then extends higher in wave ((iii)) towards 1.0555, dips in wave ((iv)) ended at 1.0519 and final leg wave ((v)) ended at 1.0563 which completed wave A. Pullback in wave B ended at 1.0457. Pair has resumed higher in wave C with potential target at 100% – 161.8% Fibonacci extension of wave A at 1.067 – 1.08. Near term, as far as pivot at 1.0457 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.

EURUSD 1 Hour Elliott Wave Chart

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