Elliott Wave view in EURUSD suggests that cycle from September 25 low is in progress as a double three structure. Up from September 25 low, wave W ended at 1.1831 and wave X pullback ended at 1.1686 as a zigzag. Down from wave W high at 1.183, wave (i) ended at 1.1777 and wave (ii) bounce ended at 1.1798. Down from there, wave (iii) ended at 1.1728, wave (iv) ended at 1.1753, and wave (v) ended at 1.1718. This 5 waves move lower ended wave ((a)) in higher degree. Bounce in wave ((b)) ended at 1.177, and final leg lower in wave ((c)) ended at 1.1686. This move completed wave X in higher degree.
Pair has resumed higher and broken above wave W at 1.1831, suggesting the next leg wave Y higher has already started. Wave (Y) is in progress as a zigzag structure. Up from wave X low at 1.1686, wave (i) ended at 1.1746 and wave (ii) pullback ended at 1.1701. Pair then resumes higher in wave (iii) towards 1.1793, and wave (iv) ended at 1.1758. Expect pair to end wave (v) of ((a)) soon, then it should pullback in wave ((b)) to correct cycle from October 15 low before the rally resumes. As far as pivot at 1.1686 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for more upside.
EURUSD 1 Hour Elliott Wave Chart
