Jump to content

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


Recommended Posts

EURUSD Elliott Wave Analysis Trading Lounge Day Chart,      
Euro/U.S.Dollar(EURUSD) Day Chart    
EURUSD Elliott Wave Technical Analysis  
FUNCTION: Trend                                        
MODE: impulsive                              
STRUCTURE:red wave 3                                        
POSITION:blue wave 1                                        
DIRECTION NEXT LOWER  DEGREES:   red wave 4                                      
DETAILS:red wave 2 of blue wave 1 looking completed at 1.06494, now red wave 3 of 1 is in play  . Wave Cancel invalid level: 1.06494                                  
                                       
 
The EUR/USD Elliott Wave Analysis for the Daily Chart shows that the Euro against the U.S. Dollar is currently in an impulsive wave pattern, indicating that the overall market trend is characterized by strong directional movement.
 
### Function
The function is "Trend," suggesting that the market is moving in a clear direction, which aligns with a larger wave pattern, typically indicating significant momentum in one direction.
 
### Mode
The mode is "impulsive," pointing to a strong, direct market movement that typically represents the larger driving force behind the trend. Impulsive waves are often characterized by rapid price changes and high volatility.
 
### Structure
The structure is described as "red wave 3," indicating that the market is in a strong upward or downward movement, often seen as the main thrust within a broader wave structure. This wave usually sees significant price changes in a relatively short time frame.
 
### Position
The position is "blue wave 1," indicating that the market has completed a prior wave sequence and is now in the first sub-wave of the next structure. This stage is crucial for confirming the direction of the impulsive move.
 
### Direction for the Next Lower Degrees
The direction for the next lower degrees points towards "red wave 4," suggesting that once the current wave concludes, there could be a corrective phase before resuming the trend. This stage often sees a retracement or consolidation in the market.
 
### Details
The details section indicates that "red wave 2 of blue wave 1" seems completed at 1.06494, suggesting that the current corrective phase has ended or is nearing completion. Now, "red wave 3 of 1" is in play, which typically implies a strong directional movement. The wave cancellation or invalidation level is set at 1.06494, marking a critical point where the current wave structure could be invalidated, leading to a reevaluation of the wave pattern.
 
In summary, the EUR/USD Elliott Wave Analysis for the Daily Chart highlights an impulsive structure with "red wave 3" in progress, suggesting that the market is in a strong trend. The completion of "red wave 2" and the commencement of "red wave 3 of blue wave 1" signal a significant market movement. The wave cancellation level at 1.06494 serves as a key point to watch, as it indicates where the current wave pattern could be invalidated, potentially requiring a new analysis.
 
Forex24.thumb.png.b20efe30e6d487ff0e44f12850d4fc8a.png
 
 
 
 
 
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here https://tradinglounge.com/341 7 Analysts Over 170 Markets Covered Bitcoin Prediction Guess the Price? Test Your Analysis - Win 1 Million Satoshi https://tradinglounge.com/Bitcoin-Prediction
 
 
 
 
EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart,      
Euro/U.S.Dollar(EURUSD) 4 Hour Chart    
EURUSD Elliott Wave Technical Analysis  
FUNCTION: Trend                                        
MODE: corrective                            
STRUCTURE:black wave 2                                        
POSITION:red wave 3                                        
DIRECTION NEXT LOWER  DEGREES:  black wave 3                                      
DETAILS:black wave 2 of or red wave 3 is in play and looking near to end  . Wave Cancel invalid level: 1.06494                                  
 The EUR/USD Elliott Wave Analysis for the 4-Hour Chart suggests that the Euro against the U.S. Dollar is in a corrective phase, with the potential for an impending trend change or a continuation of the existing pattern.
 
### Function
The function of the current analysis is identified as "Trend," indicating that the overall market movement is in line with a larger trend, albeit in a corrective stage.
 
### Mode
The mode is described as "corrective," signifying that the existing market pattern may involve complex wave structures, typically seen during periods of retracement or consolidation within a broader trend.
 
### Structure
The structure is noted as "black wave 2," suggesting that the second wave within a broader wave sequence is in progress. This is a critical phase, often representing a correction or retracement after a more significant movement in the market.
 
### Position
The current position is "red wave 3," which indicates a potential transition within the broader wave structure. This phase is crucial as it might signal a trend reversal or continuation, depending on how the market reacts at this level.
 
### Direction for the Next Higher Degrees
The next lower degrees point towards "black wave 3," indicating that once the current corrective phase concludes, there could be a significant movement in the market's primary direction, typically suggesting an upward shift.
 
### Details
The details section describes that "black wave 2 of red wave 3" is either in play or nearing completion. This suggests that the corrective phase is at or approaching its end, hinting at a potential shift in market direction. The wave cancellation or invalidation level is set at 1.06494, marking a critical point where the current wave pattern could be invalidated, necessitating a reevaluation of the analysis.
 
In summary, the EUR/USD Elliott Wave Analysis for the 4-Hour Chart outlines a corrective structure with "black wave 2" in progress, indicating a possible end to the correction and a subsequent shift in the market. The wave cancellation level at 1.06494 is crucial, as it signifies the point at which the current pattern may require re-evaluation. As "red wave 3" reaches its conclusion, the focus shifts to "black wave 3," pointing to potential new trends or a continuation of the existing pattern.
 
Forex24(1).thumb.png.8334c135a0088ec50dafdf3012aae508.png
 
 
Technical Analyst Malik Awais
Source : Tradinglounge.com get trial here!
 
 
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

    • Elliott Wave Analysis Indices: Elliott Wave Analysis Indices: SP 500 & NASDAQ v of (v) of iii) of 1 of (5) of 3) of I.  NVDA Earnings has been the center of attention late in the last session and has created volatile intraday price action, however we are still on track for all Elliott wave counts, that is looking for the top of Wave iii).  The European and Asia indices will track the US indices on an intraday basis, so they too are in much the same Elliott wave patterns. Video Chapters  00:00 SP 500 (SPX), SPY ETF 08:45 NASDAQ (NDX), QQQ ETF 12:04 Russell 2000 (RUT) IWM 13:18 DAX 40 (DAX) 16:57 FTSE 100 UKX (UK100) 18:11 S&P/ASX 200 (XJO) 24:06 End Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge      
    • Currently, Bitget wallet stands as one of the most suitable decentralised wallets. It is built with everything incorporated into it, it is the hub of a handy suite of tools that cater to every crypto enthusiast.  It is interesting to note that it has been over 6 years since the platform commenced rendering crypto services. In commemoration of its 6th anniversary, an event has been set up to let its users earn some good amount and merch along with.  The criteria for participation is relatively easy. You just need to join to win exclusive merch, firstly by following @BitgetWallet while adding a RT + Comment #BitgetWallet6Years’’ Similarly, you can give insightful feedback about Bitget Wallet and stand a chance to win Bitget exclusive merch like T-shirt, Cap, Hoodie and Wristband. I will be jumping on this event too. Such an easy peasy way to earn.
    • Basically, they're letting creators mint NFTs and other digital stuff across multiple blockchains at once. Holograph isn't the only one trying to build bridges between blockchains. Projects like Omnibridge and Wormhole are also in the game, each with their own way of moving your digital assets around.  While Holograph focuses on this "native minting" thing across chains, other projects might be a better fit depending on what you need. Doing your research is key! Definitely something to consider. While Holograph recently scored a cool $11 million in funding, omnichain functionality is still pretty new. They've also got some interesting features, just landed on Bitget, and seems to be building an empire state. There could be bumps in the road, so be sure to do your own research and understand the potential risks. So, what do you think? Is Holograph the future of NFTs, or is it just a bunch of hype? Have you tried any other cross-chain solutions? Let's hear your thoughts in the comments!
×
×
  • Create New...
us