• 8 hours America’s Workforce Elderly Workforce To Double By 2028
  • 14 hours Toyota Tests Solar-Powered Prius
  • 1 day Why The Gold Rally Flatlined
  • 2 days The Uranium Sector Can’t Catch A Break
  • 2 days Upcoming Fed Meeting Has Investors On Edge
  • 3 days Global Gold Sector Outlines Responsible Mining Principles
  • 3 days China’s Giant Vampire Fund Loses $120B
  • 4 days McDonalds To Roll Out Robot Drive-Thru Clerks
  • 4 days Savvy Investors Are Betting Big On This Little Data Company
  • 4 days How The Government Is Wasting Tax Money This Year
  • 5 days Supply Concerns Halt Expansion On Tianqi Lithium Plant
  • 5 days The World’s Biggest IPO Is Almost Here
  • 5 days The Relatively Of Money And Happiness
  • 6 days Wall Street Unfazed By Recession Fears
  • 6 days SoftBank Urges WeWork To Pause IPO Plans
  • 6 days Anti-Aging Market To Hit $55 Billion
  • 7 days JPM, Morgan Stanley Take Advisory Roles In Aramco IPO
  • 7 days Are Bonds In A Bubble?
  • 7 days The Unknown Media Giant Taking The World By Storm
  • 8 days From Millennial To Millionaire With One Simple Trick
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

EURUSD Still In A Triangle

EURUSD has turned up last week after declining down to 1.0830 level since mid of February. Pair closed at 1.1000 on Friday, which suggests that EURUSD found a temporary swing low and that wave D-circled is finished. If that is the case then we can expect more sideways price action to the upside as we will look for a three wave rise in wave E-circled that can retrace even back to the upper trendline before real weakness comes in play, for wave V down.

EURUSD, Daily

EURUSD Daily Elliott Wave Chart

On the lower time frame, EURUSD is turning to the upside after it broke out of a downward channel which is an important indication of a completed decline from 1.1377 high that we labeled it as wave D. Notice that bounce from recent low is quite strong, so we would not be surprised if price will continue higher in days ahead into wave E, final leg of a big triangle which can reach even 1.1100-1.1200 area where we would expect a new but very important bearish turn sometime this month.

EURUSD, 4H

EURUSD 4-Hour Elliott Wave Chart

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.

A Basic Triangle Pattern :

Idealized Basic Triangle Pattern

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment