Elliott Wave view in EURUSD suggests that cycle from September 25 low is in progress as a double three structure. Up from September 25 low, wave W ended at 1.1831 and wave X pullback ended at 1.1686 as a zigzag. Down from wave W high at 1.183, wave (i) ended at 1.1777 and  wave (ii) bounce ended at 1.1798. Down from there, wave (iii) ended at 1.1728, wave (iv) ended at 1.1753, and wave (v) ended at 1.1718. This 5 waves move lower ended wave ((a)) in higher degree. Bounce in wave ((b)) ended at 1.177, and final leg lower in wave ((c)) ended at 1.1686. This move completed wave X in higher degree.

Pair has resumed higher and broken above wave W at 1.1831, suggesting the next leg wave Y higher has already started. Wave (Y) is in progress as a zigzag structure. Up from wave X low at 1.1686, wave (i) ended at 1.1746 and wave (ii) pullback ended at 1.1701. Pair then resumes higher in wave (iii) towards 1.1793, and wave (iv) ended at 1.1758. Expect pair to end wave (v) of ((a)) soon, then it should pullback in wave ((b)) to correct cycle from October 15 low before the rally resumes. As far as pivot at 1.1686 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for more upside.

EURUSD 1 Hour Elliott Wave Chart

EURUSD Elliott Wave Video

Elliott Wave View of EURUSD suggests that pair has ended the cycle from September 9 as wave W at 1.1751 low. Afterwards, the pair bounced higher in wave X, which unfolded as a zigzag Elliott Wave Structure. Up from wave W low, wave ((a)) ended at 1.1834 high. Wave ((b)) dip ended at 1.1797 low. Pair then resumed higher in wave ((c)), which ended at 1.1918 high. This final move completed wave X in higher degree.

Currently, wave Y is in progress and could unfold as a double three structure. Down from wave X high, wave (a) ended at 1.1808 low. The bounce in wave (b) ended at 1.1900 high. From there, pair continued to resume lower and ended wave (c) at 1.1736 low. The push lower ended wave ((w)) in the higher degree. The decline also broke below previous wave W low, confirming that the next leg lower in Y is already in progress. The bounce in wave ((x)) remains in progress. This will be followed by another leg lower in wave ((y)) to complete wave Y in the higher degree. The 100 – 161.8% extension of wave W-X where wave Y can potentially end is at 1.1495-1.1655 area. If reached, that area could produce a reaction for 3 waves bounce at least.

EURUSD 45 Minutes Elliott Wave Chart

EURUSD Elliott Wave Video

EURUSD 1 hour chart below shows that the pair has ended the cycle from July 1 low in wave ((i)) at 1.1467 high. The dip in wave ((ii)) then ended at 1.1399 low. From there, the pair has continued to extend higher. The rally broke above previous wave ((i)) high and ended wave ((iii)) at 1.1601 high.  The internal subdivision of wave ((iii)) unfolded as a 5 waves impulsive Elliott Wave Structure. Up from wave ((ii)) low, pair ended wave (i) at 1.1469 high. The pullback in wave (ii) ended at 1.1438 low.  The pair then extended higher in wave (iii), which ended at 1.1547 high. Wave (iv) dip ended at 1.1504 low. The last push higher in wave (v) ended at 1.1601 high. This ended wave ((iii)) in larger degree.

Afterwards, the pair did a pullback in wave ((iv)), which ended at 1.1538 low.  Currently, wave ((v)) is in progress as the pair has resumed higher and broke above wave ((iii)) high.  Wave (i) of ((v)) ended at 1.1627 high and wave (ii)) dip ended at 1.1587 low. While above 1.1399 low, expect dips in 3,7 or 11 swings to find support for more upside before pair ends 5 waves rally from July 1 low.  The pair needs to break above wave (i) high to confirm that next leg higher has started. Otherwise, pair can still do a double correction in wave (ii) before turning higher again.

EURUSD 1 Hour Elliott Wave Chart

EURUSD Elliott Wave Video

Short Term Elliott Wave view in EURUSD suggests cycle from 5.14.2020 low is unfolding as a 5 waves Impulse Elliott Wave structure. Up from 5.14.2020 low, wave 1 ended at 1.1 and pullback in wave 2 ended at 1.0869. Pair then resumed higher again in wave 3 as another impulse in lesser degree. Up from wave 2 low at 1.0869, wave ((i)) ended at 1.0996 and pullback in wave ((ii)) ended at 1.0932. Wave ((iii)) ended at 1.1154, and dips to 1.11 ended wave ((iv)). Final leg wave ((v)) of 3 ended at 1.1258.

Wave 4 pullback is now in progress to correct cycle from 5.25.2020 low before the rally resumes. The pullback should unfold in 3, 7, or 11 swing before the next leg higher starts. Potential target for wave 4 is 23.6 – 38.2 Fibonacci retracement of wave 3 at 1.11 – 1.116. This area, if reached, can see buyers for more upside or 3 waves bounce at least. Wave 4 ideally doesn’t go below 50% of wave 3 or below 1.106. As far as pivot at 1.087 low stays intact, expect pair to find support in 3, 7, or 11 swing.

EURUSD 45 Minutes Elliott Wave Chart

EURUSD Elliott Wave Video

EURUSD shows an incomplete sequence from Feb 16, 2018 high favoring further downside while below March 9 high (1.1496). Near term, the decline from March 9, 2020 high (1.1496) ended wave ((1)). Bounce in wave ((2)) is unfolding as a zigzag Elliott Wave structure where wave (A) ended at 1.1147. Internal of wave (A) unfolded as a 5 waves impulse. Up from March 23 low (1.063), wave 1 of (A) ended at 1.088 and pullback in wave 2 of (A) ended at 1.074. Pair resumes higher in wave 3 of (A) towards 1.1086, and wave 4 of (A) pullback ended at 1.0952. Final leg wave 5 of (A) ended at 1.1147.

Wave (B) pullback remains in progress as a zigzag where wave A ended at 1.092. as 5 waves. Down from 1.1147, wave ((i)) of A ended at 1.1103, and wave ((ii)) of A ended at 1.114. Wave ((iii)) of A ended at 1.098 and wave ((iv)) of A bounce ended at 1.103. Final leg wave ((v)) of A ended at 1.092. While wave B bounce fails below 1.1147, expect pair to extend lower in wave C of (B) before turning higher again in wave (C). As far as the pullback stays above 1.063, expect pair to extend higher to continue the rally to correct cycle from March 9, 2020 high.

EURUSD 1 Hour Elliott Wave Chart

 

EURUSD Elliott Wave Video

Short term Elliott wave view in EURUSD suggests the cycle from December 31, 2019 high is unfolding as an impulse wave. Down from December 31, wave (1) ended at 1.0991 low and the bounce in wave (2) ended at 1.1097 high.  The pair continues to the downside and wave (3) is still in progress.  Wave 1 of (3) ended at 1.1034 low. The bounce in wave 2 ended at 1.1066 high. From there, pair resumed lower in wave 3 towards 1.0890 low. Wave 4 bounce ended at 1.0926 high. The final wave 5 of (3) remains in progress with internal subdivision of an impulse.

Wave ((i)) of 5 ended at 1.0863 low and the bounce in wave ((ii)) ended at 1.0889 high. From there, it extended lower in wave ((iii)) and ended at 1.0826 low. Wave ((iv)) then ended at 1.0861 high.  The pair is extending lower in wave ((v)) of 5 right now and can see a few more push lower to end wave (3).  After that, a 3 waves bounce in wave (4) can be seen. However, as far as the pivot at 1.1097 high stays intact, expect the bounce in 3,7, or 11 swing to fail and sellers to appear for more downside.

EURUSD 1 Hour Elliott Wave Chart

EURUSD Elliott Wave Video