Elliott Waves on EUR/USD shows resistance at 1.0550 – 1.0600 [Video]

Gregor Horvat Wavetraders

After a sharp drop at the end of last week, EURUSD is now attempting to stabilize. We can observe five waves up with a Sunday gap in the middle, which was eventually filled during Asian trading hours. In my opinion, this gap could act as a support level and lead to further upside, especially if the current move is a temporary wave "b" drop of a corrective rally.

Further gains are expected then in the short-term only. Keep in mind that the higher-degree trend remains bearish, and the upside could be limited once wave C unfolds. Strong resistance is seen at 1.0550–1.0610, where the whole fourth-wave rally could come to an end. Euro can turn bullish only if we see recovery above 1.0764.

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Wavetraders

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

EUR/USD slumps below 1.1800 on hawkish Fed Minutes, eyes on ECB succession

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar strengthens against the Euro on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated.

GBP/USD extends decline as weak jobs data bolsters BoE rate cut bets

The Pound Sterling continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

Gold rises above $4,950 as US-Iran tensions boost safe-haven demand

Gold price holds positive ground near $4,985 during the early Asian session on Thursday. The precious metal recovers amid shifts in geopolitical sentiment, boosting safe-haven demand. Traders will keep an eye on the release of US Initial Jobless Claims, Pending Home Sales data, and the Fedspeak later on Thursday.

Zora launches attention markets on Solana network

Zora has launched a new attention markets feature on the Solana network, allowing users to trade and speculate on emerging online cultural trends.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.