EUR/USD Elliott Wave analysis: Recovery in progress

Gregor Horvat Wavetraders

EURUSD is coming down, hitting some resistance now despite worse than expected US NFP report on Friday. EURUSD currency pair has support at daily 50 SMA (Simple Moving Average) around 1.18 level, at the former wave four.

As per Elliott Wave analysis, EURUSD has completed 5 waves move from 1.2266 to 1.1663 level in an impulsive wave structure. Now the EURUSD currency pair is recovering and unfolding wave A/1.

EUR/USD 4h Elliott Wave analysis chart

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Author

Gregor Horvat

Wavetraders

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

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