This idea explores an Elliott Wave setup for EUR/USD on the 4H timeframe. The pair is forming a contracting triangle, which is likely completing Wave 4 of the impulsive wave sequence. Key levels to watch:
Invalidation level (upside): 1.06776
Invalidation level (downside): 1.03492
If the price holds within the triangle and breaks downward, Wave 5 could target the lower support zone near 1.00169. However, a breakout above 1.06776 could invalidate this bearish scenario.
This setup highlights the importance of patience and discipline, waiting for confirmation before entering trades. Monitor key levels closely and adjust your strategy accordingly.
Invalidation level (upside): 1.06776
Invalidation level (downside): 1.03492
If the price holds within the triangle and breaks downward, Wave 5 could target the lower support zone near 1.00169. However, a breakout above 1.06776 could invalidate this bearish scenario.
This setup highlights the importance of patience and discipline, waiting for confirmation before entering trades. Monitor key levels closely and adjust your strategy accordingly.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.