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Euro/U.S.Dollar(EURUSD) Day Chart Elliott Wave Technical Analysis 26 September 23


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EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 26 September 23
Euro/U.S.Dollar(EURUSD) Day Chart
EURUSD Elliott Wave Technical Analysis
Function:  Counter Trend
Mode: impulsive  
Structure: black wave 3 of A
Position: Wave A
Direction Next Higher Degrees: 4 of A
Details: blue  wave 2 of black wave 3  looking completed at 1.07367,now blue wave 3 of black wave 3 in play . Wave Cancel invalid level: 1.07367
The EUR/USD Elliott Wave Analysis on 26 September 23, is conducted on the daily chart of the Euro/U.S. Dollar (EUR/USD) currency pair. The analysis utilizes Elliott Wave theory to provide insights into potential market trends and movements.
 
The Function identified in this analysis is "Counter Trend," indicating a focus on identifying and interpreting market movements that go against the prevailing trend. In this context, "counter trend" implies that the analysis is geared toward potential reversals or corrections within the market.
 
The Mode is described as "impulsive," which suggests an anticipation of strong and directional price movement. In this case, the focus is on an impulsive wave sequence within the market, implying the potential for substantial price shifts.
 
The Market Structure is outlined as "black wave 3 of A." This specifies that the analysis is centered on the development of the third wave within the broader wave structure, emphasizing its significance in the Elliott Wave sequence.
 
The Position denotes that the analysis is concentrated on "Wave A," suggesting that the entire Wave A structure is of interest in the analysis.
 
The Direction Next Higher Degrees highlights "4 of A," indicating that the analysis is attentive to the development of the fourth sub-wave within Wave A and its potential impact on the market.
 
In the Details section, it is mentioned that "blue wave 2" of "black wave 3" is considered completed at the level of 1.07367. The market is now in the phase of "blue wave 3 of black wave 3." The "Wave Cancel invalid level" is specified as 1.07367, serving as a reference point for traders.
 
In summary, the EUR/USD Elliott Wave Analysis on 26 September 23, suggests that the market is currently in a counter-trend phase with an impulsive movement in progress. The focus is on the development of "blue wave 3 of black wave 3" within the larger Wave A structure. Traders are advised to monitor this sub-wave for potential trading opportunities, while the specified invalid level provides a reference for managing risk within their trading strategies.
 
Technical Analyst : Malik Awais
 
eurusddaychart.thumb.png.6fc2b9dac4f0de2ecd96cc748bf2b71f.png
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