Elliott Wave Analysis on EURUSD Impulsive Rally Favors the Bull
Short Term Elliott Wave View in EURUSD suggests that pair is close to form a bullish sequence. A break above the previous high on 12.28.2023 at 1.1139 suggests the next leg higher has started. Near term, rally from 6.26.2024 low is unfolding as a 5 waves impulsive structure. Up from 6.26.2024 low, wave 1 ended at 1.0948 and pullback in wave 2 ended at 1.0777. Pair has since turned higher in wave 3 which subdivides into another impulsive structure. Up from wave 2, wave ((i)) ended at 1.1 and pullback in wave ((ii)) ended at 1.088.
Pair has resumed higher in wave ((iii)). Up from wave ((ii)), wave i ended at 1.1047 and pullback in wave ii ended at 1.0948. Expect wave iii to end soon, and pair should then pullback in wave iv to correct cycle from 8.15.2024 low in 3, 7, 11 swing before it resumes higher again in wave v of (i). Near term, as far as pivot at 1.088 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside. Break above 12.28.2023 high at 1.1139, and more importantly above 7.17.2023 high at 1.1275 would confirm the bullish sequence and bullish trend.
Pair has resumed higher in wave ((iii)). Up from wave ((ii)), wave i ended at 1.1047 and pullback in wave ii ended at 1.0948. Expect wave iii to end soon, and pair should then pullback in wave iv to correct cycle from 8.15.2024 low in 3, 7, 11 swing before it resumes higher again in wave v of (i). Near term, as far as pivot at 1.088 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside. Break above 12.28.2023 high at 1.1139, and more importantly above 7.17.2023 high at 1.1275 would confirm the bullish sequence and bullish trend.
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