Elliott Wave View: EURUSD Trading In A Bullish Impulse; Final Wave In Progress

Good day traders!
Today’s article is about EURUSD and its daily time frame.

Daily chart of EURUSD shows us a five-wave bullish impulse in progress since December of 2017. We know that an impulse is a five-wave pattern, which means in our case one more wave up must unfold for completion. That said, we can see 4 waves fully unfolded, with corrective wave 4 being the last one, that found suppoer near the upper base line. Recovery that followed from 1.1560 region is a sign for more upside to follow within black wave 5 of C). On that note Fibonacci projection target at 61.8 can be reached in days or weeks ahead.

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