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Euro/U.S.Dollar (EURUSD) 4 Hour Chart Elliott Wave Technical Analysis 28 July 23

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EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 28 July 23,  
Euro/U.S.Dollar (EURUSD)  4 Hour Chart
EURUSD Elliott Wave Technical Analysis
Function:   counter Trend
Mode: corrective
Structure: corrective wave B of 2
Position: Read wave 5
Direction Next Higher Degrees: wave (3 of red wave 5) of Motive
Details: Corrective Wave “2”  in play  . . Subwave Wave “2 ”  is likely to end at fib level 78.60, subwave wave 3 of 5  confirmation level 1.11499 .  Wave Cancel invalid level: 1.08337
On 28th July 23, the 4-hour chart of the Euro/U.S. Dollar (EURUSD) pair is analyzed using Elliott Wave theory, revealing a counter-trend movement with a corrective mode. The function of the price movement is identified as a counter-trend, while the mode is characterized as corrective.
The current structure is recognized as corrective wave B of 2, with the position of the price wave designated as Red wave 5. The projected direction for the next higher degrees is wave (3 of red wave 5) of a larger Motive wave pattern.
The analysis provides further details, indicating that a corrective Wave "2" is currently in play. Subwave Wave "2" is expected to conclude around the Fibonacci level of 78.60, with confirmation for the start of subwave wave 3 of 5 at the level of 1.11499. Traders and investors are advised to closely monitor these price levels as they could act as potential turning points or targets for the corrective wave.
It is essential to note that the wave count provided will lose its validity if the EURUSD price falls below the level of 1.08337.
As of the specified date, 28th July 2023, traders in the EURUSD market should closely observe the counter-trend corrective movement and wait for confirmation of the end of subwave Wave "2" before considering potential trading opportunities. Corrective waves can be challenging to navigate, as they involve identifying potential reversals and require cautious risk management practices.
The analysis also suggests the potential for a Motive wave pattern with wave (3 of red wave 5) following the completion of the corrective wave. This implies the possibility of a strong directional move after the completion of subwave Wave "2."
While Elliott Wave analysis provides valuable insights into market patterns and potential price movements, traders should supplement it with other technical indicators and fundamental factors to develop a comprehensive trading strategy. Market dynamics can change rapidly due to various factors, including economic data releases, geopolitical events, and shifts in market sentiment. Therefore, traders should remain attentive and adaptive to changing conditions.
Proper risk management practices are essential in all trading endeavors to protect capital and manage potential losses. By staying informed and utilizing a well-rounded approach to trading, traders can make more informed decisions and improve their trading performance in the dynamic foreign exchange markets.
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