Technical Analysis

Elliott Wave Analysis: EURUSD Trading In A Temporary Correction

Typography

Market did not move much in the last few hours as everyone wait on latest news from the FED when I think USD can see strength based on possible rate hike. Charts suggests the same, with price trading in favour of the buck. However, a three wave bounce up on EURUSD is not over yet, but 1.0650-1.0670 area can be an interesting region for a turn lower. Invalidation level is at 1.0715, but that's only for short-term charts, where bigger downtrend cycles will not get invalidated yet!

EURUSD, 1H

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Elliott Wave Financial Service
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