Elliott Wave Analysis - Targeting Key Levels
This analysis shows a bullish Elliott Wave structure forming on the EUR/USD pair. Key elements include:
1️⃣ Wave Count:
Impulse structure in progress with waves 1-2 completed.
Current movement within Wave 3, targeting the 1.618 Fibonacci extension at 1.0735.
Wave 4 pullback expected around 1.0609, followed by the final Wave 5 push towards 1.0999.
2️⃣ Support/Resistance:
Major support at 1.0420 aligns with the 0.618 Fibonacci retracement.
Current resistance at 1.0575 is critical for bullish continuation.
3️⃣ Technical Indicators:
MACD indicates bullish momentum gaining strength.
Watching for potential divergence near Wave 3 target.
4️⃣ Risk Management:
Entry around 1.0570, stop loss at 1.0413.
Target 1: 1.0735 (Wave 3)
Target 2: 1.0999 (Wave 5)
1️⃣ Wave Count:
Impulse structure in progress with waves 1-2 completed.
Current movement within Wave 3, targeting the 1.618 Fibonacci extension at 1.0735.
Wave 4 pullback expected around 1.0609, followed by the final Wave 5 push towards 1.0999.
2️⃣ Support/Resistance:
Major support at 1.0420 aligns with the 0.618 Fibonacci retracement.
Current resistance at 1.0575 is critical for bullish continuation.
3️⃣ Technical Indicators:
MACD indicates bullish momentum gaining strength.
Watching for potential divergence near Wave 3 target.
4️⃣ Risk Management:
Entry around 1.0570, stop loss at 1.0413.
Target 1: 1.0735 (Wave 3)
Target 2: 1.0999 (Wave 5)
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