Euro May Move Higher

Published 05/28/2021, 04:12 AM
Updated 07/09/2023, 06:31 AM

As per Elliott Wave analysis, EUR/USD was trading higher for the last two weeks, away from 1.1990 level but still can be in the middle of wave B/2 irregular correction with a potential resistance at current 1.2200-1.2250 zone. The reason is an overlapping recovery that can represent wave b as part of a flat correction in a higher degree wave B/2, thus be aware of a weakness into wave c especially if trendline support of a current upward channel is broken.

If we are correct then a new much stronger bounce will occur from 1.1980-1.2050 support. For more aggressive bullish trend and completed wave B/2 we need strong rise break above the resistance line of a current channel, where corrective channel for B would become a base channel for wave 3

EUR/USD 4h Elliott Wave Analysis Chart
eurusd elliott wave analysis

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