EURUSD Found Intraday Sellers Against The 1.1172 High

Hello fellow traders. Another instrument that we have been trading lately is EURUSD. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURUSD, published in members area of the website. EURUSD has incomplete bearish sequences in the cycle from the 12/31 peak. The pair is ideally targeting 1.1019 area . Consequently, we advised members to avoid buying the pair and keep on selling the rallies in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.

EURUSD 1 Hour Elliott Wave Analysis 1.21.2020

Cycle from the December 31st peak looks incomplete now, calling for further decline in the pair.  Break of 01/10 low made EURUSD bearish against the 1.1172 pivot.  Current bounce looks incomplete at the moment as we got only 5 waves up from the lows, which suggests we could have ended only first leg of Zig Zag pattern. Although we expect another leg up wave (c) of ((b)), we don’t recommend buying the pair. Strategy is selling the pair in 3,7,11 swings  against the 1.1172 high. At the marked blue box: 1.11083-1.11236   area we would like to be sellers , expecting to get decline toward new lows or 3 waves pull back at least. Invalidation of the trade would be break above 1.618 fib extension: 1.11236.  As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.

EURUSD 1 Hour Elliott Wave Analysis 1.21.2020

Eventually , EURUSD gave us proposed leg up toward blue box. It found sellers right at the blue box area : 1.11083-1.11236 and gave us decline as expected. We got new short term low, confirming next leg down is already in progress.   Members who sold the pair should be already risk free. Alternatively if we get strong bounce and ((b)) high gets broken, we can be doing irregular flat in ((b)), but the pair would remain bearish against in short term as far as 1.1172 pivot holds.

Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.