Elliott Waves: Is EUR/USD turning bullish? [Video]

Gregor Horvat Wavetraders

Euro is moving higher for the last few weeks, now breaking the trendline resistance on 4h time frame, with the current price also trading at new swing high. As such, this can be a reversal in progress, especially if we consider that drop from 1.0985 was in three waves, now completed because of a leading diagonal away from 1.06. As such, more upside can be seen, but be aware of corrective set-backs. Support is at 1.0725.

Overall, we still think that euro will be trading higher, possibly this year, but looking at the daily charts, the market is in big ranges still, thus we cannot confirm end of a higher degree wave 2 just yet, but it certainly looks promising for bulls, at least in short-.term. Support on dups is at 1.0812 and 1.0722.

If you want to hear more about the markets and how I see them after recent sharp risk-on moves, then make sure to check video below.

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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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