Elliott Wave analysis: EUR/USD moves towards 1.1980/1.2 “temporary” resistance

Gregor Horvat Wavetraders

EURUSD is recovering very nicely after a completed five-wave structure within wave C last week when the pair turned sharply out of a downward channel. We see an impulsive price action which means that the pair will likely see even more gains after wave B/2 pullback which may occur in upcoming sessions, away from current 1.1988 March swing resistance. Nice support on any dip would be at 1.1860, followed then by trendline support connected from 1.1700 low. What I really love about the EURUSD pair is that price is higher even after good US CPI figures yesterday, so it appears that investors remain confident and positioned for risk-on moves as the economy is picking up. And this has a postive impact on the euro, as well as commodity currencies.

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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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