Elliott Morning Hour: Is EURUSD Uptrend Ready To Resume!?

EURUSD is trading lower, forming a deeper pull-back in wave (iv), which will ideally hit a typical 382.% retracement level compared to wave (iii). This 38.2% level also comes in around the consolidation range from Sep 12-Sep 13. With that in mind, we really would not be surprised to see an upward bounce from here, into a wave (v) of 3. However, only an impulse from the lows and back above 1.3080 will confirm an uptrend continuation.

eurusd

VIDEO: What is the confirming price action, and current situation on EURUSD

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS