EUR/USD recovering, and eyeing 1.117 area - Elliott Wave

Gregor Horvat Wavetraders

Good morning traders,

On the daily chart of EURUSD we see that price can be ending a big, bearish ending diagonal within sub-wave 5) of A near the 1.100 region, and can once completed push price into a three-wave A)-B)-C) correction towards 1.141 or higher 1.181 region.
A rally above the upper EW ending diagonal line would confirm a completed wave A, and wave B in progress.

EURUSD, Daily

On the 4h chart we have a closer look at the turning point near the 1.092 area. We can see a completed w-x-y decline within wave 5 of 5), which suggest more upside in upcoming sessions. We are tracking a three-wave rise with wave a)/i) unfolding. Once the following wave b)/ii) correction fully develops, that is when a break above the 1.116 area may follow into wave c)/iii).

EURUSD, 4h

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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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