In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave charts of EURUSD, which we presented to members. But before digging further into the Charts, we need to understand market nature. The market always fights between the two sides, Buying and Selling. We at elliottwave-forecast.com understand the Market Nature and always recommend trading the no-enemy areas. We called these no-enemy areas which are reflected as blue box areas on our Charts, which gave us the reaction in favor of market direction in 3 swings at least. Now, let us take a quick look at the EURUSD Charts and structure below:
EURUSD 1 Hour Elliott Wave Chart
The decline from September last year peak showed a lower low sequence favored more weakness. Thus our recommendation to our members kept selling the bounces on any 3, 7 or 11 swings. EURUSD 1 Hour Chart from 9/13/2019 NY update. In which the decline from 6/25/2019 peak ended in wave W at $1.0924 low. Above from that low, the pair made a wave X bounce to correct the decline. The internals of that bounce unfolded as a zigzag structure where wave ((a)) ended at $1.1084 high, wave ((b)) pullback ended at $1.0926 low. Wave ((c)) ended at $1.1110 high. After reaching $1.1091-$1.1130 100%-123.6% Fibonacci extension area of ((a))-((b)) & saw sellers as expected.
EURUSD 1 Hour Elliott Wave Chart
EURUSD 1 Hour Chart from 9/24/2019 London update. In which the pair is showing reaction lower taking place from the blue box area & allowed our members to create a risk-free position. Near-term, while bounces fail below $1.1110 high the pair is expected to resume the downside. However, a break below $1.0924 low would remain to be seen to confirm the next extension lower & avoid double correction higher.
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our services with Special 50% discount offer by using this code: 864AA98028.
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