EURUSD Unfolding a Three-wave Recovery Towards 1.17 - Elliott wave Analysis
EUR/USD holds ground near 1.1600
The EUR/USD is modestly up daily basis but within familiar levels, with dollar's demand down on better market mood, and EUR gains limited amid soft local data.
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The common currency retains the dubious honor of being among the weakest currencies across the FX board, as despite dollar's weakness ruled throughout the week, the EUR/USD pair ends it barely up in the 1.1550 region. The pair peaked at 1.1610 and bottomed at 1.1431, a fresh 7-week low, as Italian political woes dominated the pair at the beginning of the week.
Functioning as immediate resistance in the EUR/USD we find several short-term intra-day moving averages as well as the 50-day simple, descending below the 1.1600 handle. A few pips above, the weekly pivot point R1 resistance and the 100-period SMA pertaining to the 4-hour charts, followed by the upper Bollinger in the same time frame could act as a temporary barrier. Looming a few pips above -now in the vicinity of the .1620's- the 200-period SMA on 4-hour charts and the 100-daily SMA printing at 1.1630. If violated, daily R2 at .1647 is the last noteworthy resistance until the next big figure. On the way up, we find the daily R3, which is not clustered to any other indicator.
On the downside, as the Technical Confluences Indicator shows, the pair has to reckon with a few lower-chart technical measures, and it is not until below 1.1540 (down to 1.1525) were we can find a new cluster of levels: the 100- and 200-hour SMAs, among other indicators.
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