EUR/USD short-term view – Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

EURUSD is unfolding a five-wave recovery within a higher degree wave 5, up from 1.116 level. At the moment we see price declining from the highs, so looks like a temporary a)-b)-c) correction of wave iv of 5 can be underway. Possible support is at 1.17/1.165 level, where Fib. ratio of 38.2, and the former swing low are located.
A sharp and decisive drop below the lower trendline will suggest a top in place, and a bearish reversal.

EUR/USD, 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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