Elliott Wave analysis: EUR/USD remains consolidating

Gregor Horvat Wavetraders

FX market was slow yesterday as Powell did not bring anything new in his testimony, so it appears that traders are waiting on Friday's jobs data.
So for now EURUSD remains consolidating, ideally still in wave 4 that can at some point test higher resistance levels, but overall, we think that upside can be limited if lockdowns will spread in Europe, and a threat on a potential new protests as EU has mentioned that it might be a time to start discussing mandatory vaccination.

EUR/USD 4h Elliott Wave analysis

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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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