Hello fellow traders. Another instrument that has given us nice trading setup recently is EURUSD Forex Pair. In this technical article we’re going to take a look at the past charts of $EURUSD presented in members area of the of the Elliottwave-Forecast . EURUSD is showing bearish impulsive sequences in the cycle from the May peak. We got a short term recovery wave 4 that has given us opportunity to enter short trades again. In further text we’re going to explain the forecast and trading strategy.
EURUSD 1 Hour Elliott Wave Analysis 11.18.2021
EURUSD is giving us 4 red recovery that is unfolding as Elliott Wave Zig Zag Pattern. It’s having ((a))((b)) ((c)) inner labeling. Recovery looks incomplete at the moment, suggesting more short term strength. The Forex Pair is looking for 1.1362-1.1406 area, to complete 4 red recovery. At the marked blue box area, we expect intraday sellers to appear and to pull price lower toward new lows or in 3 waves pull back alternatively. Invalidation level for the trade is break above 1.618 fib extension (1.14065).
You can learn more about Elliott WaveDouble Three and Zig Zag Patterns at our Free Elliott Wave Educational Web Page.
EURUSD 1 Hour Elliott Wave Analysis 11.20.2021
Sellers appeared at the blue box and we got good reaction from there. The decline from the blue box unfolded as 5 waves and the price made break toward new lows. As a result short positions from the blue box are Risk Free and partial profit are taken. At this stage the pair remains bearish against the 1.3763 high . As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a reaction.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast