EURUSD is in deep correction phase- Elliot wave analysis
Updated
EURUSD
In one hour time frame this pair has clearly broken the 100,200 Exponential moving average which is a clear sign of bearish trend and currently the 50 EMA is holding this pair as resistance
At this level if we look at the volume profile the daily trading volume is so high 1.18500 level is acting as support Already the 50,100 EMA has making a golden cross and 50,200 EMA also missing a golden cross which will further confirm the bearish trend
In Elliott wave principal currently the 5th wave is forming 200 EMA has rejected the bullish trend thrice
If the 1.1800 level broken we can expect further downward rally.
Have a eye on bearish engulfing or rejection at this level.
We can sell this pair from current level and the take profit will be 1.17510 stop lose may place above 1.18920
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It’s not a financial advice. Do the analyze and take a decision.
In one hour time frame this pair has clearly broken the 100,200 Exponential moving average which is a clear sign of bearish trend and currently the 50 EMA is holding this pair as resistance
At this level if we look at the volume profile the daily trading volume is so high 1.18500 level is acting as support Already the 50,100 EMA has making a golden cross and 50,200 EMA also missing a golden cross which will further confirm the bearish trend
In Elliott wave principal currently the 5th wave is forming 200 EMA has rejected the bullish trend thrice
If the 1.1800 level broken we can expect further downward rally.
Have a eye on bearish engulfing or rejection at this level.
We can sell this pair from current level and the take profit will be 1.17510 stop lose may place above 1.18920
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
It’s not a financial advice. Do the analyze and take a decision.
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