EURUSD spiked to 1.3900 on Friday which made move from 1.3290 more extended and complex. Notice that we labeled rally in wave five as a double zigzag because of the overlapping price action. Keep in mind that we are tracking an ending diagonal on a daily chart where each leg has a corrective structure. So if our count is correct then bearish turning point could be near especially if we consider a 150 pip pullback from latest high. We suspect that pair will continue lower, but we would love to see broken channel support line as well as wave B swing low to confirm a change in trend. We can also see a bearish divergence on the MACD that is calling for a turning point.
EURUSD 4h Elliott Wave Analysis
Written by www.ew-forecast.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
