Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURUSD, published in members area of the website. As our members know the pair is showing incomplete bearish sequences in the cycle from the July 18th peak targeting 1.0435-1.0318 area. Consequently, we recommended members to avoid buying at this stage and calling for the further decline. Recently EURUSD made a pull back that has found sellers right at the equal legs area.
In the further text we are going to explain the Elliott Wave Pattern and the forecast
EURUSD H1 Weekend Update 09.30.2023
EURUSD has given us 3 waves bounce in wave ((iv)) recovery. The pair has made clear 3 waves up and reached equal legs area at 1.05873-1.06310. Sellers appeared as expected and we can already see reaction from the equal legs area. Correction is counted completed at 1.06165 peak as Elliott Wave Zig Zag Pattern.
Reminder : You can learn more about Zig Zag and other Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
EURUSD H1 Weekend Update 10.02.2023
The price kept 1.06165 peak intact and we got further separation lower. As far as the price stays below 1.06174 high, we expect the pair to keep trading lower in wave ((v)) , targeting 1.0458-1.0409 area. We would like to see break of 09/28 low to confirm extension down toward mentioned zone.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. 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. You can check most recent charts in the membership area of the site.
Source: https://elliottwave-forecast.com/elliottwave/eurusd-sellers-equal-legs/