Elliott Wave View: EURUSD looking to end a diagonal [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave View in EURUSD suggests the rally from March 31, 2021 low is unfolding as a 5 waves nesting impulse Elliott wave structure. Up from March 31 low, wave (1) ended at 1.215 and pullback in wave (2) ended at 1.1984. Wave (3) is now in progress with subdivision as 5 waves in lesser degree. Up from wave (2) low, wave ((i)) ended at 1.2181, and pullback in wave ((ii)) ended at 1.205. Wave ((iii)) ended at 1.224, and wave ((iv)) dips ended at 1.2158.

Near term, expect 1 more push higher above wave ((iii)) to end wave ((v)). This last move higher should also complete wave 1 of (3) as a leading diagonal. Afterwards, pair should pullback in wave 2 to correct cycle from May 5 low before pair resumes the rally higher. As far as wave (2) low pivot at 1.1984 remains intact during wave 2 pullback, expect dips to find support in 3, 7, or 11 swing and pair to extend to the upside. Potential target for wave (3) higher is 100% – 161.8% Fibonacci extension of wave (1). That area comes at 1.242 – 1.27.

EURUSD 1 Hour Elliott Wave Chart

EURUSD Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.