A short-term Elliott Wave view of EUR/USD indicates an ongoing decline from the September 25, 2024 high. The pair is currently in wave 5 of an impulse, with further downward movement expected. A break below 1.033 is needed to confirm the downside bias.
Short Term Elliott Wave view in EURUSD suggests the decline from 9.25.2024 high is in progress as an impulse. Down from 9.25.2024 high, wave 1 ended at 1.076 and wave 2 rally ended at 1.0936. Pair then resumed lower in wave 3 towards 1.033. Corrective rally in wave ended at 1.063 as the 1 hour chart below shows. Pair still needs to break below 1.033 to rule out any double correction possibility. Wave 5 lower is currently in progress with internal subdivision as a 5 waves impulse.
0484 and wave rally ended at 1.0537. Final leg wave ended at 1.045 which completed wave ) in higher degree. Rally in wave ) ended at 1.0534 and pair has resumed lower again. Down from wave ), wave ended at 1.0476 and wave rally ended at 1.0516. Pair resumed lower in wave towards 1.034 and wave rally ended at 1.0422. Expect pair to extend lower to end wave of ), then it should rally in wave ) before turning lower again. Near term, as far as pivot at 1.
EURUSD Elliott Wave Forex Technical Analysis Trading
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