EUR/USD looking to end impulsive rally [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave in EURUSD suggests rally from 10.4.2023 low is in progress as a 5 waves impulse structure. Up from 10.4.2023 low, wave ((i)) ended at 1.0694 and pullback in wave ((ii)) ended at 1.0517. Pair then extended higher in wave ((iii)) towards 1.0965 as the 1 hour chart below shows. Pullback in wave ((iv)) ended at 1.085 with internal subdivision as a zigzag structure.

Down from wave ((iii)), wave (a) ended at 1.0882 and rally in wave (b) ended at 1.0917. Wave (c) lower ended at 1.085 which completed wave ((iv)) in higher degree. Pair has turned higher in wave ((v)), but it has yet to break above wave ((iii)) at 1.0965 to rule out a double correction. Up from wave ((iv)), wave (i) ended at 1.093 and pullback in wave (ii) ended at 1.0886. Wave (iii) higher ended at 1.0959 and pullback in wave (iv) ended at 1.09243. Near term, as far as pivot at 1.085 low stays intact, expect dips to find support in 3, 7, or 11 swing and pair to extend higher in wave ((v)). Potential target higher is 123.6% – 161.8% inverse retracement of wave ((iv)) at 1.099 – 1.103

EUR/USD 60 minutes Elliott Wave chart

EUR/USD Elliott Wave video

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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