empty
 
 
05.12.2019 09:56 AM
Short-term Elliott wave analysis on EURUSD

EURUSD has finished five waves up from the lows at 1.0981. This implies a three wave pull back and another upward move above recent highs at 1.1116 should be expected. This pull back is considered a buying opportunity.

This image is no longer relevant

As can be seen in the 4 hour chart above, EURUSD is now correcting the impulsive move up from 1.0981. The pull back should reach an area between 1.1065-1.1030. A move below 1.1030 will increase the chances of this bullish scenario failing. According to this wave count I expect to buy this pull back as a new upward move of another 5 waves should follow and eventually push prices back above 1.1115. More updates on this scenario will come the following days as price unfolds.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback