EUR/USD starts new bullish cycle [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave view in EURUSD shows a bullish sequence from 6.1.2023 low. Rally from there is in progress as a 5 waves impulsive structure. Up from 6.1.2023 low, wave 1 ended at 1.1012 and dips in wave 2 ended at 1.0833. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Down from wave 1, wave ((w)) ended at 1.0843 and rally in wave ((x)) ended at 1.0976. Wave ((y)) lower ended at 1.0832 which also completed wave 2. Pair has since turned higher in wave 3.

EUR/USD 60 minutes Elliott Wave chart

Up from wave 2, wave i ended at 1.09 and pullback in wave ii ended at 1.0833. Pair resumes higher in wave iii towards 1.0973 and dips in wave iv ended at 1.094. Pair resumes higher again in wave v and expected to complete wave (i) soon. Once wave (i) is complete, pair should pullback in wave (ii) to correct cycle from 7.6.2023 low in 3, 7, or 11 swing before the rally resumes again. As far as pivot at 1.083 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

EUR/USD Elliott Wave video

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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