Jump to content

Euro/U.S.Dollar(EURUSD) 4 Hour Chart Elliott Wave Technical Analysis 7 February 24

Recommended Posts

EURUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 7 February 24

Euro/U.S.Dollar(EURUSD) 4 Hour Chart

EURUSD Elliott Wave Technical Analysis


MODE: Impulsive

STRUCTURE: blue wave 1

POSITION: Black wave 3

DIRECTION NEXT HIGHER DEGREES: blue wave 1 (started)

DETAILS: blue wave y of 2 looking completed at 1.07132 . Now blue wave 1 of 3 looking started . Wave Cancel invalid level: 1.04499

The "EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 7 February 24, provides a comprehensive Elliott Wave Technical Analysis for the Euro/U.S. Dollar (EURUSD) currency pair.

The identified "FUNCTION" is "Trend," indicating that the analysis is oriented towards understanding and trading in the direction of the prevailing market trend. This suggests a focus on potential opportunities aligned with the broader upward movement in the market.

The specified "MODE" is "Impulsive," implying that the current market structure is exhibiting characteristics of an impulsive wave. Impulsive waves are typically associated with strong, directional price movements in the direction of the prevailing trend.

The "STRUCTURE" is defined as "Blue wave 1," signaling that the market is in the early stages of a new impulsive wave. This is a key element for traders using Elliott Wave principles to anticipate and capitalize on directional moves.

The "POSITION" is labeled as "Black wave 3," indicating the current position within the broader wave count. Black wave 3 is particularly significant, as third waves are often the longest and most powerful within the Elliott Wave sequence.

In terms of "DIRECTION NEXT HIGHER DEGREES," the analysis points to "Blue wave 1 (started)," suggesting that the broader Elliott Wave count anticipates the initiation of a significant upward movement.

The "DETAILS" section highlights that "blue wave y of 2" is considered completed at 1.07132. The analysis now indicates that "blue wave 1 of 3" has started, signaling the potential beginning of a strong upward impulse.

The "Wave Cancel invalid level" is specified as "1.04499." This level serves as a critical reference point, and any breach of this level may prompt a reevaluation of the current wave count and market outlook.

In summary, the EURUSD Elliott Wave Analysis for the 4 Hour Chart on 7 February 24, suggests an impulsive structure with the initiation of blue wave 1 of 3. Traders are advised to closely monitor the market dynamics, especially the specified invalidation level at 1.04499, for potential shifts in the market sentiment.

Technical Analyst : Malik Awais





Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • I'm intrigued by NADA Protocol's vision of integrating blockchain technology into the gaming experience. The prospect of owning and trading in-game items through NFTs adds an exciting dimension to gameplay, offering real rewards and enhancing immersion. The marketplace controlled by the NADA token seems promising, providing a platform for users to engage in trading activities within the gaming ecosystem. I'm optimistic about NADA's potential to carve a niche for itself in the competitive gaming world, especially with its focus on creating a fun and economically rewarding gaming environment. Looking forward to exploring this new gaming frontier!
    • I see DIMO's innovative platform as a game-changer in the automotive industry, offering a new level of connectivity and transparency. With DIMO, I can envision having access to valuable vehicle data that can enhance my driving experience and provide me with insights into the car's condition. This not only makes the car-buying process easier but also instills confidence in the vehicle's history and performance. Moreover, the listing of DIMO's native token on Bitget exchange is exciting news as it will create more exposure for the project, potentially leading to further advancements and adoption in the automotive space.    
    • The growth trajectory and innovative approach of Autonolas are indeed impressive, signaling its potential to disrupt both the crypto and AI sectors. With its unique blend of off-chain services and AI capabilities, Autonolas has positioned itself as a key player in the evolving landscape. Furthermore, the listing of its utility token OLAS on Bitget exchange, coupled with a favorable price trend and deposit rebate, adds to the project's appeal and growth prospects. Exciting times ahead for Autonolas and its investors.
  • Create New...