Short term Elliott Wave view in EURUSD shows a bullish sequence from 6.1.2023 low. Rally from there is in progress as a 5 waves impulsive structure. Up from 6.1.2023 low, wave 1 ended at 1.1012 and dips in wave 2 ended at 1.0833. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Down from wave 1, wave ((w)) ended at 1.0843 and rally in wave ((x)) ended at 1.0976. Wave ((y)) lower ended at 1.0832 which also completed wave 2. Pair has since turned higher in wave 3.
Up from wave 2, wave i ended at 1.09 and pullback in wave ii ended at 1.0833. Pair resumes higher in wave iii towards 1.0973 and dips in wave iv ended at 1.094. Pair resumes higher again in wave v and expected to complete wave (i) soon. Once wave (i) is complete, pair should pullback in wave (ii) to correct cycle from 7.6.2023 low in 3, 7, or 11 swing before the rally resumes again. As far as pivot at 1.083 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
EURUSD 60 Minutes Elliott Wave Chart
EURUSD Elliott Wave Video
By loading the video, you agree to YouTube’s privacy policy.
Learn more
) ended at 1.0843 and rally in wave ((x)) ended at 1.0976. Wave ((y)) lower ended at 1.0832 which also completed wave 2. Pair has since turned higher in wave 3.){kind=link}