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Euro/U.S.Dollar(EURUSD)  Forex - Elliott Wave Technical Analysis


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EURUSD Elliott Wave Analysis Trading Lounge Day Chart,    
Euro/U.S.Dollar(EURUSD) Day Chart  
EURUSD Elliott Wave Technical Analysis
FUNCTION: Counter Trend                
MODE: impulsive as C              
STRUCTURE: blue wave C                
POSITION:black wave Y of 2              
DIRECTION NEXT HIGHER DEGREES:red wave 4                  
DETAILS:  blue wave B completed at 1.09818 .Now blue wave C of Y is in play . Wave Cancel invalid level: 1.09447            
 
The EURUSD Elliott Wave Analysis for the day chart provides a comprehensive overview of the potential price movements of the Euro/U.S. Dollar currency pair, employing Elliott Wave principles for technical analysis.
 
Identified as a "Counter Trend" scenario, the analysis suggests that the current market direction opposes the prevailing trend, indicating a possible reversal or corrective phase from the predominant price action. This implies that traders may anticipate a temporary deviation from the primary trend before a potential resumption.
 
Described as "impulsive as C" in mode, the analysis indicates that the current market movement exhibits characteristics of impulsiveness, suggesting strong and rapid price movements within the identified wave structure, particularly within the corrective phase denoted as "blue wave C."
 
The "STRUCTURE" is identified as "blue wave C," providing clarity on the current wave count within the Elliott Wave cycle. This aids traders in understanding the ongoing price movement and its relation to the broader Elliott Wave pattern.
 
Positioned as "black wave Y of 2," the analysis highlights the current wave count within the corrective phase, indicating the specific phase of the corrective pattern within the broader Elliott Wave cycle.
 
The "DIRECTION NEXT HIGHER DEGREES" is stated as "red wave 4," suggesting the anticipated direction for the subsequent higher-degree wave. This implies that once the current corrective phase completes, the market may resume its upward movement within the broader Elliott Wave structure.
 
In the "DETAILS" section, it is noted that "blue wave B completed at 1.09818. Now blue wave C of Y is in play." This indicates that the current corrective phase is ongoing, with the expectation of further downside movement before a potential reversal and the start of a new trend.
 
In summary, the EURUSD Elliott Wave Analysis for the day chart offers traders valuable insights into potential price movements, corrective phases, and critical levels to monitor within the broader Elliott Wave structure, aiding in informed trading decisions.
 
Forex24(1).thumb.png.68715d60f0d3f4aa9bf5cec151547eca.png
 
 
 
EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart,    
Euro/U.S.Dollar(EURUSD) 4 Hour Chart  
EURUSD Elliott Wave Technical Analysis
FUNCTION: Counter Trend                
MODE: impulsive                
STRUCTURE: red wave 3                
POSITION:blue wave C                
DIRECTION NEXT HIGHER DEGREES:red wave 4                  
DETAILS:  red  wave 2 completed at 1.09447 .Now red wave 3 of C is in play . Wave Cancel invalid level: 1.09447            
The EURUSD Elliott Wave Analysis for the 4-hour chart provides insights into potential price movements of the Euro/U.S. Dollar currency pair, utilizing Elliott Wave principles for technical analysis.
 
Identified as a "Counter Trend" scenario, the analysis suggests that the current market direction opposes the prevailing trend, indicating a potential reversal or corrective phase from the predominant price action. This implies that traders may expect a temporary deviation from the primary trend before a potential resumption.
 
Described as "impulsive" in mode, the analysis indicates that the current market movement exhibits characteristics of impulsiveness, suggesting strong and rapid price movements within the identified wave structure.
 
The "STRUCTURE" is identified as "red wave 3," providing clarity on the current wave count within the Elliott Wave cycle. This aids traders in understanding the ongoing price movement and its relation to the broader Elliott Wave pattern.
 
Positioned as "blue wave C," the analysis highlights the current wave count within the corrective phase, indicating the specific phase of the corrective pattern within the broader Elliott Wave cycle.
 
The "DIRECTION NEXT HIGHER DEGREES" is stated as "red wave 4," suggesting the anticipated direction for the subsequent higher-degree wave. This implies that once the current corrective phase completes, the market may resume its upward movement within the broader Elliott Wave structure.
 
 
In the "DETAILS" section, it is noted that "red wave 2 completed at 1.09447. Now red wave 3 of C is in play." This indicates that the current corrective phase is ongoing, with the expectation of further downside movement before a potential reversal and the start of a new trend.
 
In summary, the EURUSD Elliott Wave Analysis for the 4-hour chart offers traders valuable insights into potential price movements, corrective phases, and critical levels to monitor within the broader Elliott Wave structure, aiding in informed trading decisions.
 
Forex24.thumb.png.4630f7a060681b7ca6e66e2bf8a229d4.png
 
 
 
Technical Analyst Malik Awais
 
Source : Tradinglounge.com get trial here!
 
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