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EUR/USD Elliott Wave Analysis

Daily Chart:

EUR/USD Daily Chart
Larger Image


4HR chart:

EUR/USD 4-Hour Chart
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30 min chart:

EUR/USD 30-Minute Chart
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My Bias: short in wave 3 blue.
Wave Structure: downward impulse wave 1, 2 blue
Short term wave count: lower in wave 3 green
Long term wave count: lower in wave 3 blue
Important risk events:  EUR: N/A. USD: ADP Non-Farm Employment Change, Unemployment Claims, ISM Non-Manufacturing PMI, Crude Oil Inventories.

Hi everyone.

EURUSD followed yesterdays analysis to a T!
Now it gets very interesting in terms of the current wave count.

Of the November high at 1.1295,
- We have a complete wave 1,2 down in blue,
- a complete wave (i), (ii) down in green
- and a possibly completed wave 'i,ii' down in brown.

If this wave interpretation correct here the potential for an acceleration to the downside is very large here.

I expected a rally in wave ii brown yesterday, and today we got it.
That rally reached the 50% retracement of wave 'i' brown, at todays high.
So far, that key level I mentioned seems to have stalled progression.

The invalidation point for this short term elliott wave count is at 1.0650.
So I want to see a turn lower before that point.

Now, it is time to get eyes on, to see if we get a turn down and the formation of a lower high, below todays high, which will offer a low risk short opportunity.

That could occur tomorrow, but, be aware that tomorrow is a big data day for the dollar, the reaction to this data could cause a whipsaw in the price action.

 

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