EUR/USD Elliott Wave analysis: Wait on more price data [Video]
|Risk is turning around to a bullish mood ahead of the FED tonight which may give us more details about tapering, but we are afraid that they will not change the policy due to risks in China regarding Evergrande.
On 4h chart of EURUSD we can see that price is coming aggressively lower so we have to be careful now and wait on a potential bounce back to 1.1845 before we can turn very bullish for the euro.
EUR/USD 4h Elliott Wave analysis chart #1
Keep in mind that stocks are coming down and this can help the dollar to rise further so we are observing another interpretation; an expanded bearish flat formation while 1.1845 holds. So for now, both counts are valid, thus we prefer to wait on more price data before you are willing to take any risk on that pair.
EUR/USD 4h Elliott Wave analysis chart #2
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