05.12.201909:56 Forex Analysis & Reviews: Short-term Elliott wave analysis on EURUSD

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD has finished five waves up from the lows at 1.0981. This implies a three wave pull back and another upward move above recent highs at 1.1116 should be expected. This pull back is considered a buying opportunity.

As can be seen in the 4 hour chart above, EURUSD is now correcting the impulsive move up from 1.0981. The pull back should reach an area between 1.1065-1.1030. A move below 1.1030 will increase the chances of this bullish scenario failing. According to this wave count I expect to buy this pull back as a new upward move of another 5 waves should follow and eventually push prices back above 1.1115. More updates on this scenario will come the following days as price unfolds.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.