Elliott Wave Analysis: EURUSD Looking For A Final Push Higher

Good Sunday traders! Hope you had a nice weekend, and a pleasant Sunday. Let’s take a look at EURUSD and its mid-term look.

On the daily chart of EURUSD we can see a nice rising price action since start of the year with increasing bullish momentum, which indicates that market can be making an impulsive leg, seen as wave C) of a bigger correction. If we are correct, then recent leg was sub-wave 4 of C), that possibly found some support near the 1.1655 region. Now a new push higher, into wave 5 of C) may come in play.
The whole impulsive wave C) may in weeks ahead search for a top near the Fibonacci ratios of 38.2 or 423.6.

EURUSD, Daily

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

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