• 526 days Will The ECB Continue To Hike Rates?
  • 526 days Forbes: Aramco Remains Largest Company In The Middle East
  • 528 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 928 days Could Crypto Overtake Traditional Investment?
  • 933 days Americans Still Quitting Jobs At Record Pace
  • 935 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 938 days Is The Dollar Too Strong?
  • 938 days Big Tech Disappoints Investors on Earnings Calls
  • 939 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 940 days China Is Quietly Trying To Distance Itself From Russia
  • 941 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 945 days Crypto Investors Won Big In 2021
  • 945 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 946 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 948 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 949 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 952 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 953 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 953 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 955 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

EURUSD Elliott Wave Analysis: Bearish Reversal

Last week we have seen some nice moves in the direction of a stronger USD which could stay in play for this week as well, but before USD goes higher or EUR and CHF falls deeper, we need a corrective retracement on the intraday basis.

EURUSD is trading nicely to the downside since start of the year, away from that 1.3900 swing high where we think that EURUSD formed a top. Notice that recent leg down from 1.3818 looks sharp that has extended through the channel support and through 1.3615 swing low as well, that should be an important sign for a changed trend. With that in mind, we think that EURUSD will stay under pressure and that pair is now making five waves down in red wave 1). At the moment pair is falling but probably in final stages of a subwave 3 that may form a low around current 161.8% Fibonacci extension level.

EURUSD 4h

EUR/USD 4-Hour Chart

On a daily chart we can see an ending diagonal possibly completed after recent fall towards the lower side of the pattern. We however still need a decisive break of that trend line connected from wave 2) low that will be a confirmation for a change in trend.

EURUSD Daily

EUR/USD Daily Chart

 


Written by www.ew-forecast.com
14-Day Free Trial

 

Back to homepage

Leave a comment

Leave a comment