Elliott Wave update: EUR/USD favors weakness in to support zone [Video]
|The EURUSD favors upside in 3 swings from September-2022 low & should extend towards 1.1929 or higher against 1.13.2025 low. In 4-hour, it favors double correction lower from 7.01.2025 high to correct 5.12.2025 low. It favors short term pullback in to 1.1512 – 1.1340 area in 7 swing pullback before continue rally in cycle from 1.13.2025 low. Above January-2025 low, it ended (1) at 1.0533 high, (2) at 1.0210 low, (3) at 1.1573 high, (4) at 1.1065 low & favors higher in (5). Within 4-hour, it placed 1 at 1.1830 high & correcting in 2 as double three correction before two more highs. It placed ((w)) at 1.1559 low in 3 swings zigzag correction. In ((w)), it ended (a) at 1.1659 low, (b) at 1.1714 high & (c) at 1.1559 low of 7.16.2025. Later, it unfolded expanded flat correction in ((x)) that ended at 1.1788 high of 7.24.2025. Within ((x)), it placed (a) at 1.1721 high, (b) at 1.1554 low & (c) in 5 swings at 1.1788 high.
Currently, it favors downside in ((y)) of 2 & expect sideways to lower in to support zone. It favors zigzag correction lower in ((y)) to finish 2 in to extreme area before resume rally. Short term, it favors downside in (a) of ((y)) since 7.24.2025 high. In (a), it placed i at 1.1700 low, ii at 1.1771 high & favors downside in iii of (a) towards 1.1576 – 1.1569 area before bounce in iv. It expects a bounce soon in iv followed by one more push lower in v to finish (a) in 5 swings. Wave (a) of ((w)) should end near 1.1578 before bounce in (b) in 3 or 7 swings connector. The bounce in (b) should fail below 1.1788 high to extend lower in (c) in to 1.1512 – 1.1340 area to finish correction. It should find next support in to that area to rally higher as the part of daily sequence targeting 1.1929 or higher. We like to buy in to that area for next leg higher or at least 3 swings bounce. If it breaks above 7.01.2025 high, it expects two more highs to finish cycle from January-2025 before next pullback start.
EUR/USD – 60-minute Elliott Wave technical chart
EUR/USD Elliott Wave technical [Video]
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