Elliott waves analysis – Still correcting itself


EURUSD – Up

Still correcting itself

Wave Analysis

Despite the three bullish pin bars seen for the past three week’s euro is yet to make any significant moves to the upperside. Instead, this pair has been in the dropping mode but is still above the weekly supportive area 1.14595-1.16067. This is a key area and unless it is clearly broken to the lowerside with a big red candle, we expect a possible rally to the upperside. The anticipated bullish price rally is the unfolding of an impulsive five wave cycle and should break above 1.23210.

Trade Recommendations:

Still correcting itself

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Still correcting itself

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