EUR/USD seems to be constructing a bullish sequence of impulse waves. The present impulse wave might attain 1.15 with even larger
EUR/USD seems to be constructing a bullish sequence of impulse waves. The present impulse wave might attain 1.15 with even larger ranges in focus from our longer-term outlook.
EUR/USD Elliott Wave at excessive chance for a bullish reversal
We have now been intently monitoring the Elliott Wave sample in EURUSD and issued a longer-term bullish forecast for a large rally on October 1. At the moment, the forecast pointed at features in the direction of 1.18 and presumably larger ranges. To date, the construction of the advance from the October 1 low is constructive in the direction of the bullish forecast.
The set again that has been in place from the November Three excessive is considered as non permanent and retraced 61.8% of the October advance. In consequence, we’re seeing sufficient proof that the November correction could also be over or near terminating. Subsequently, bullish advances in the direction of 1.18 could also be in play.
Present EUR/USD Elliott wave
My view of the present Elliott wave for EUR/USD is that wave (2) completed on November 14. This means that wave (3), a bullish wave, is underway in the direction of larger ranges. In line with Elliott Wave Principle, wave (3) should finish past the termination level of wave (1) whereas subdividing as an impulse wave. This implies wave (3) would push above 1.1176.
As acknowledged in our longer-term forecast of October 1, I’m viewing minimal targets of 1.18 with larger ranges…