EUR/USD aiming for 1.1910 in wave five extension [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

The EUR/USD pair exhibits an incomplete bullish sequence originating from the September 2022 low, targeting 1.191. The rally from this low unfolds as an impulse Elliott Wave structure. Wave ((1)) concluded at 1.1275, followed by a pullback in wave ((2)) that ended at 1.0177. The pair has since resumed its upward trajectory in wave ((3)), reaching 1.183. Subsequent pullback in wave ((4)) completed at 1.139, as illustrated in the 1-hour chart. The internal structure of wave ((4)) formed a zigzag pattern. From the peak of wave ((3)), wave (A) declined to 1.1554. Wave (B) rallied to 1.1788, and wave (C) descended to 1.1388, finalizing wave ((4)).

The pair has now turned higher in wave ((5)), but it must break above the wave ((3)) high at 1.183 to eliminate the possibility of a double correction. From the wave ((4)) low, wave 1 peaked at 1.1588, and wave 2 retraced to 1.1514. The pair is expected to extend once more to complete wave ((v)) of 3, followed by a wave 4 pullback, before advancing in wave 5 to conclude wave (1) of a higher degree. Subsequently, a wave 2 correction from the August 1 low is anticipated in a 3, 7, or 11 swing pattern before the uptrend resumes. As long as the pivot low at 1.1388 holds, dips should attract buyers in 3, 7, or 11 swing sequences, supporting further upside potential.

EUR/USD 60 minute Elliott Wave technical chart

EUR/USD Elliott Wave [Video]

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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