Elliott Wave View: EUR/USD Remains Bearish in Shorter Cycle [Video]
|Since topping on February 16, 2018 high (1.255), EURUSD has continued to make a sequence of lower low. In the 1 hour chart below, the decline to 1.1183 ended wave ((i)) and the bounce to 1.132 ended wave ((ii)). The internal of wave ((ii)) subdivided as a double three Elliott Wave structure. Wave (w) of ((ii)) ended at 1.1287 as a zigzag and wave (x) of ((ii)) ended at 1.1228. Pair then rallied in wave (y) of ((ii)) to 1.132 as a zigzag. This is an example of a double zigzag, which is a special type of a double three. A double zigzag happens when both w and y in double three structure take the form of a zigzag.
Wave ((iii)) is in progress to the downside and subdivides as an impulse Elliott Wave structure. Down from 1.1324, wave i ended at 1.1277, wave ii ended at 1.132, and wave iii ended at 1.122. Expect another leg lower to end wave v of (i), then it should bounce in wave (ii) in 3, 7, or 11 swing to correct cycle from April 12 high (1.1323) before the decline resumes. We don’t like buying the pair and expect sellers to appear in 3, 7, or 11 swing as far as pivot at 1.132 stays intact.
1 Hour EURUSD Elliott Wave Chart Asia Update
1 Hour EURUSD Elliott Wave Video
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.