Hi traders,
EURUSD has made five waves up from August lows which we labelled as wave A of a bigger three-wave upcoming reversal. Afterwards we also labelled wave B, which ufolded a possible three-wave flat correction that looks to have found a base at the 1.1429 level, from where price is now turning higher. If a flat correction is completed then a minimum three-wave rally is expected to begin which can take price towards the 1.17 area and beyond.Now, this is our primary view that points higher, however we also labelled an alernate scenario, where the bigger A-B-C correction is already completed at current 1.1816 highs. If that is the case, more weakness may follow, however a minimum three-wave rally is also to be expected as a corrective, temporary rally to the previous fall, that found a low at the 1.1429 level. In both cases we expect a minimum three-wave rally towards the 1.17 area.
EURUSD, 4h
Interested in active FX Elliott Wave labeled charts on a daily basis. Now its your time; we have Limited Offer; get a 14 day trial for 1€.
Check our website www.ew-forecast.com for more details.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.