Major Key Points to Consider
- Primary Scenario (Bullish) : Consider long positions from corrections above the level of 1.1450 with a target of 1.195 – 1.210. A buy signal: the price holds above 1.1450. Stop Loss: below 1.1450, Take Profit: 1.195 – 1.2100.
- Alternative Scenario (Bearish): Breakout and consolidation below the level of 1.1450 will allow the pair to continue declining to the levels of 1.125 – 1.10. A sell signal: the level of 1.1450 is broken to the downside. Stop Loss: above 1.1450, Take Profit: 1.125 – 1.10.
Technical Indicators
Trend: Short-term Downtrend within a long-term Uptrend
Support Levels: 1.1655 – 1.15721
Resistance Levels: 1.17490 – 1.17985
Momentum: Neutral to Bullish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : On the Weekly Chart of EUR/USD the larger degree wave (C) is still Developing. Within This Larger wave (C), Large Wave (1) and (2) has Been Completed and Wave (3) is in process of developing . Within this larger wave wave (3), the smaller wave 1 & 2 has been completed and now the price is moving in wave 3 of (3).
On A Daily Chart :Â The wave wave ((c)) has been completed and now the price is moving in larger wave 3 in upward direction.
On A 4-Hours Chart : The Wave ((i)) and ((ii)) has been completed as the part of large wave 3. Now wave ((iii)) is unfolding.
If this Presumption is correct then EUR/USD may continue to rise to the Price levels of 1.185 – 1.212.
EUR/USD : Current Rate in the Market
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of Webmile | Markets [A propriety of SingleDot Technologies]. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice. According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
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