The EUR/USD Elliott Wave Analysis for the Daily Chart shows that the Euro against the U.S. Dollar is currently in an impulsive wave pattern, indicating that the overall market trend is characterized by strong directional movement.

Function

The function is "Trend," suggesting that the market is moving in a clear direction, which aligns with a larger wave pattern, typically indicating significant momentum in one direction.

Mode

The mode is "impulsive," pointing to a strong, direct market movement that typically represents the larger driving force behind the trend. Impulsive waves are often characterized by rapid price changes and high volatility.

Structure

The structure is described as "red wave 3," indicating that the market is in a strong upward or downward movement, often seen as the main thrust within a broader wave structure. This wave usually sees significant price changes in a relatively short time frame.

Position

The position is "blue wave 1," indicating that the market has completed a prior wave sequence and is now in the first sub-wave of the next structure. This stage is crucial for confirming the direction of the impulsive move.

Direction for the next lower degrees

The direction for the next lower degrees points towards "red wave 4," suggesting that once the current wave concludes, there could be a corrective phase before resuming the trend. This stage often sees a retracement or consolidation in the market.

Details

The details section indicates that "red wave 2 of blue wave 1" seems completed at 1.06494, suggesting that the current corrective phase has ended or is nearing completion. Now, "red wave 3 of 1" is in play, which typically implies a strong directional movement. The wave cancellation or invalidation level is set at 1.06494, marking a critical point where the current wave structure could be invalidated, leading to a reevaluation of the wave pattern.

In summary, the EUR/USD Elliott Wave Analysis for the Daily Chart highlights an impulsive structure with "red wave 3" in progress, suggesting that the market is in a strong trend. The completion of "red wave 2" and the commencement of "red wave 3 of blue wave 1" signal a significant market movement. The wave cancellation level at 1.06494 serves as a key point to watch, as it indicates where the current wave pattern could be invalidated, potentially requiring a new analysis.

EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart,

Euro/U.S.Dollar (EURUSD) 4 Hour Chart.

EUR/USD Elliott Wave technical analysis

Function: Trend.

Mode: Corrective.

Structure: Black wave 2.

Position: Red wave 3.

Direction next lower degrees: Black wave 3.

Details: Black wave 2 of or red wave 3 is in play and looking near to end . Wave Cancel invalid level: 1.06494.

The EUR/USD Elliott Wave Analysis for the 4-Hour Chart suggests that the Euro against the U.S. Dollar is in a corrective phase, with the potential for an impending trend change or a continuation of the existing pattern.

Function

The function of the current analysis is identified as "Trend," indicating that the overall market movement is in line with a larger trend, albeit in a corrective stage.

Mode

The mode is described as "corrective," signifying that the existing market pattern may involve complex wave structures, typically seen during periods of retracement or consolidation within a broader trend.

Structure

The structure is noted as "black wave 2," suggesting that the second wave within a broader wave sequence is in progress. This is a critical phase, often representing a correction or retracement after a more significant movement in the market.

Position

The current position is "red wave 3," which indicates a potential transition within the broader wave structure. This phase is crucial as it might signal a trend reversal or continuation, depending on how the market reacts at this level.

Direction for the next higher degrees

The next lower degrees point towards "black wave 3," indicating that once the current corrective phase concludes, there could be a significant movement in the market's primary direction, typically suggesting an upward shift.

Details

The details section describes that "black wave 2 of red wave 3" is either in play or nearing completion. This suggests that the corrective phase is at or approaching its end, hinting at a potential shift in market direction. The wave cancellation or invalidation level is set at 1.06494, marking a critical point where the current wave pattern could be invalidated, necessitating a reevaluation of the analysis.

In summary, the EUR/USD Elliott Wave Analysis for the 4-Hour Chart outlines a corrective structure with "black wave 2" in progress, indicating a possible end to the correction and a subsequent shift in the market. The wave cancellation level at 1.06494 is crucial, as it signifies the point at which the current pattern may require re-evaluation. As "red wave 3" reaches its conclusion, the focus shifts to "black wave 3," pointing to potential new trends or a continuation of the existing pattern.

Technical analyst: Malik Awais.

EUR/USD Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.