Elliott Wave Analysis: EURUSD Unfolding A Bearish Reversal

EURUSD has turned sharply lower on Friday following better than expected NFP figures (209k). We have seen a a sharp fall from the highs, a move that has been technically expected as we saw pair in wave v of an impulse since start of July. Notice that pair fell decisively beneath trading channel connected from 1.1478 and 1.1648 swings which suggests that deeper correction is underway.

That said, we see recent drop as wave a/i, that shows signs of a completion near 1.1687 region and current intra-day rally as start of wave b/ii that can search for resistance near the 1.1824 level.

EURUSD, 4H

EUR/USD 4-Hour Chart

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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