HomeContributorsTechnical AnalysisEURUSD Rally Expected to Fail for More Downside

EURUSD Rally Expected to Fail for More Downside

Short term Elliott Wave view suggests the EURUSD is correcting cycle from 9.28.2022 low in a zigzag structure. Down from 9.28.2022 high, wave A ended at 1.091 and wave B rally ended at 1.1065. Pair then resumed lower in wave C which subdivides into a 5 waves structure. The 1 hour chart below shows wave ((i)) ended at 1.0765 and wave ((ii)) ended at 1.0946 as a zigzag in lesser degree. Up from wave ((i)), wave (a) ended at 1.0841 and pullback in wave (b) ended at 1.0765. Final leg higher wave (c) ended at 1.0946 which completed wave ((ii)).

Pair has resumed lower in wave ((iii)) as a 5 waves impulse. Down from wave ((ii)), wave (i) ended at 1.0827 and rally in wave (ii) ended at 1.088. Pair resumed lower in wave (iii) towards 1.0685. Expect wave (iv) rally to fail in 3, 7, or 11 swing for another leg lower wave (v) to complete wave ((iii)). Afterwards, it should correct in wave ((iv)) before turning lower again. Near term, as far as pivot at 1.0947 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

EURUSD 60 Minutes Elliott Wave Chart

EURUSD Elliott Wave Video

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