EURUSD short-term Elliott wave view suggests that the decline to 1.1427 low ended cycle degree wave II pullback. The internals of that pullback unfolded as a Flat structure which ended the correction against 8/15/2018 low. Up from 1.1427 low, the pair is expected to resume the next leg higher in cycle degree wave III. The internals of wave III is expected to nest higher as impulse structure for further upside. Up from there, the initial rally to 1.1610 high intermediate wave (1) in 5 waves structure.
Where lesser degree Minor wave 1 ended at 1.1515, Minor wave 2 ended at 1.1479 low. A rally to 1.1572 high ended Minor wave 3. A pullback to 1.1540 low ended Minor wave 4. Then finally a rally to 1.1610 high ended Minor wave 5 & also completed intermediate wave (1). Currently, the correction against 1.1427 low remains in progress as a Flat structure where Minor wave A ended at 1.1534 low. Then a rally to 1.1621 high ended Minor wave B bounce and Minor wave C looking to end 5 waves structure somewhere between 100%-161.8% Fibonacci extension area of Minor A-B at 1.1545-1.1497 area. Afterwards, pair is expected to resume the next leg higher in intermediate wave (3) higher. We don’t like selling it.
EURUSD 1 Hour Elliott Wave Chart
