Euro / U.S. DollarShort
EUR/USD Update (September 1, 2021)
EUR/USD completed 5 waves up and managed to reach the 100% Fibonacci Extension from wave 2 to wave 3 to wave 4 according to the Elliott Wave Principle.
Since it rejected the 100% Fibonacci Extension and didn't manage to break it, I expect to see an ABC correction to the downside before continuing its way up.
Our first target will be the previous wave 4 of wave 5 (1.1780). Breaking it will push EUR/USD to retest the big previous wave 4 at 1.1720 as our second target.
Not breaking the previous wave 4 after reaching it, we will then see a new bullish intermediate cycle to the upside towards 1.19000.
From a fundamental perspective, ADP Non-Farm Employment Change and ISM Manufacturing PMI could push DXY for an upside correction leading EUR/USD to drop for a little retest.
Since it rejected the 100% Fibonacci Extension and didn't manage to break it, I expect to see an ABC correction to the downside before continuing its way up.
Our first target will be the previous wave 4 of wave 5 (1.1780). Breaking it will push EUR/USD to retest the big previous wave 4 at 1.1720 as our second target.
Not breaking the previous wave 4 after reaching it, we will then see a new bullish intermediate cycle to the upside towards 1.19000.
From a fundamental perspective, ADP Non-Farm Employment Change and ISM Manufacturing PMI could push DXY for an upside correction leading EUR/USD to drop for a little retest.
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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.
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.