In our previous comments, we have mentioned that the EUR/USD currency pair has been creating a pattern known from the Elliott Wave Theory. The exchange rate recently may have finished the corrective wave four at 1,1612 support.
After the mentioned correction the price has been rising as the potential wave five. The potential targets are set by the Fibonacci expansion levels at 1,2128 and 1,2442.
According to the Elliott wave theory after the fifth wave the market may retrace back as wave A with potential support at mentioned 1,1612.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
After the mentioned correction the price has been rising as the potential wave five. The potential targets are set by the Fibonacci expansion levels at 1,2128 and 1,2442.
According to the Elliott wave theory after the fifth wave the market may retrace back as wave A with potential support at mentioned 1,1612.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
