EUR/USD is approaching intraday resistance [Video]
|EURUSD faces some bearish price action for the last two months. We can see three waves down, but an extended and sharp third wave suggests that this is an ongoing bearish five-wave impulse for wave C of a higher degree flat correction. So, more weakness is in view for wave 5 after a pullback up into wave 4 that can find new sellers at current 1.0790-1.0830 area.
EURUSD is coming higher on the intraday basis as expected, up into wave (c) of 4 which is now trading at 1.0780-1.08 resistance. It's an ideal zone for a new turn down, ideally into a fifth wave to 1.06 or even 1.05 in weeks ahead, while the price should remain below 1.0968. Why 1.0968= because what was wave 2 low, and wave 4 should not overlap it. These are always important, to know where are we wrong and can adjust any trades accordingly.
We talked about EURUSD in our latest live webinar recorded on June 6th. Watch it below:
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
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.