Elliott Wave forecast for EUR/USD: Bullish momentum is decreasing in fifth wave

Gregor Horvat Wavetraders

EUR/USD came higher during summer, possibly breaking out of a triangle on higher time frame charts, as the market breaks above 1.1140, so it seems that some big moves can be coming. In fact, there was a three wave retracement from recent high on 4h time frame; a contra-trend movement with price turning up from 1.10 support as shown on the updated count. So we were looking for a move up to 1.12, which was tested yesterday so ideally thats the fifth wave, but possibly the final leg of an impulse if we consider that price is quite choppy and slow up here. It looks like pair can be losing some bullish momentum, thus we should be aware of potential limited gain. Maybe around 1.1250/80 area, at around 2023 highs. A drop below 1.1083 can put pair into a more complex correction or even bearish; temporarily.

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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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