Elliott Wave Analysis: EURUSD Recovery

Good day traders! Today’s focus is on EURUSD.
Price turned sharply higher in the last couple of days on EURUSD and breached nicely above the first swing high of wave iv) at 1.1777 level, so we see current rally as an early evidence of a completed three-wave correction and a minimum three-wave recovery to be in progress. That said, once first wave i finds a top a new temporary correction into the following wave ii may come in play, before market rallies even further, ideally into wave 5 towards 1.2.

EURUSD, 4H
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Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com