Elliott wave Analysis: EURUSD Intra-day View

Gregor Horvat Wavetraders

Hello traders and welcome back to the US session. EURUSD turned sharply down, but we still think that it can be a part of a correction, so we are tracking two possibilities here. Either it's a running flat correction, while it's trading above that trendline connected from 1.1300 lows or it's a big expanded flat, where price may go all the way back below previous wave a) swing low, where 1.1350 area can be retested. However, we remain bullish while it's above 1.1300 invalidation area, just keep in mind that we need an impulsive five-wave bounce to confirm a low in place.

EURUSD, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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