Details: The current Elliott Wave Analysis on the EURUSD daily chart indicates a trending function in an impulsive mode. The identified structure is Orange Wave 3, positioned within Navy Blue Wave 3, suggesting a strong upward movement characterized by impulsive price action.

Orange Wave 2 appears to be completed, and now Orange Wave 3 is actively progressing. This transition marks a shift from a corrective phase to a more dynamic and stronger upward trend. As Orange Wave 3 continues, it suggests the currency pair is expected to maintain its upward trajectory in the near term.

Following the completion of Orange Wave 3, the analysis points to a corrective phase marked by Orange Wave 4. This phase is anticipated to involve a temporary retracement or consolidation before resuming the primary upward trend.

The wave cancel invalid level is set at 1.06657. This critical level serves as a validation point for the current wave analysis. If the EURUSD price falls below this threshold, the current wave count would be invalidated, indicating the need for a reevaluation of the wave count and overall market outlook.

Summary: The EURUSD Elliott Wave Analysis on the daily chart shows the pair in an impulsive upward trend within Orange Wave 3, positioned in Navy Blue Wave 3. Orange Wave 2 has completed, and Orange Wave 3 is now in play, with Orange Wave 4 expected to follow. The wave cancel invalid level at 1.06657 serves as a crucial threshold for validating the current wave structure, requiring reassessment if breached.

EUR/USD daily chart analysis

EUR/USD Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Orange Wave 3.

Position: Navy Blue Wave 3.

Next lower degree direction: Orange Wave 4.

Details: The current Elliott Wave Analysis on the EURUSD 4-hour chart shows a trending function in an impulsive mode. The analysis identifies the structure as Orange Wave 3, positioned within Navy Blue Wave 3, indicating the pair is in an upward movement characterized by impulsive price action.

Orange Wave 2 appears to have been completed, and now Orange Wave 3 is actively progressing. This transition from Orange Wave 2 to Orange Wave 3 signifies a shift from a corrective phase to a more dynamic and stronger upward trend. As Orange Wave 3 continues, it suggests the currency pair is expected to maintain its upward trajectory in the near term.

The direction for the next lower degrees is identified as Orange Wave 4. This means that after the completion of the ongoing Orange Wave 3, a corrective phase marked by Orange Wave 4 is anticipated. This phase will likely involve a temporary retracement or consolidation before resuming the primary upward trend.

Summary: The EURUSD Elliott Wave Analysis on the 4-hour chart shows the pair in an impulsive upward trend within Orange Wave 3, positioned in Navy Blue Wave 3. The analysis suggests that Orange Wave 2 has been completed and Orange Wave 3 is now in play, with Orange Wave 4 expected to follow. The wave cancel invalid level at 1.06657 serves as a crucial threshold for validating the current wave structure, requiring reassessment if breached.

EUR/USD Elliott Wave four-hour chart

EUR/USD Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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