EUR/USD Elliott Wave For the last few days the EUR/USD pair has been trading upwards, impulsive wave 3 (coloured blue) of the bigger wave (C) (coloured green) has been developing. During the Wednesday’s Asian and European session we could observe strong ascending movement from 1.3160 towards the 1.0324 level and we can consider this move as the end of the impulsive wave 3 (coloured blue).Therefore, during the New York session when developing of the corrective wave 4 (coloured blue) starts this major currency did not manage to hold long position and we could observe the price retracing to the 1.3169 level. At the moment the EUR/USD pair is trading around 1.03165 and we are expecting to see price higher for the next few sessions.In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.3286 (100 % of wave 1). To reduce the risk, we can use support level at 1.3100 as stop loss.
Support and resistance (S3) 1.3064 (S2) 1.3112 (S1) 1.3146 (PP) 1.3194 (R1) 1.3228 (R2) 1.3276 (R3) 1.3310
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.3185 with stop loss at 1.3100 and take profit at 1.3286 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD Elliott Wave
For the last few days the EUR/USD pair has been trading upwards, impulsive wave 3 (coloured blue) of the bigger wave (C) (coloured green) has been developing. During the Wednesday’s Asian and European session we could observe strong ascending movement from 1.3160 towards the 1.0324 level and we can consider this move as the end of the impulsive wave 3 (coloured blue).Therefore, during the New York session when developing of the corrective wave 4 (coloured blue) starts this major currency did not manage to hold long position and we could observe the price retracing to the 1.3169 level. At the moment the EUR/USD pair is trading around 1.03165 and we are expecting to see price higher for the next few sessions.In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.3286 (100 % of wave 1). To reduce the risk, we can use support level at 1.3100 as stop loss.
Support and resistance
(S3) 1.3064 (S2) 1.3112 (S1) 1.3146 (PP) 1.3194 (R1) 1.3228 (R2) 1.3276 (R3) 1.3310
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.3185 with stop loss at 1.3100 and take profit at 1.3286 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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