EUR/USD - Elliott wave pattern

In our recent analysis, we have mentioned that the EUR/USD currency pair may create a potentially more complex correction. The whole corrective movement could be considered a wave 4 in a larger structure within an impulse wave.

According to the Elliott wave theory, the sub-wave iv could be finished with the confirmation of rising above 1,1695. So if the upper limit in a downward channel is also broken we would expect another upward movement as a wave v within wave 3.

The nearest support level seems to be set by the lower limit within the channel.
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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.

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