Forex EURUSD Elliott Wave News 1 + 4 hr 5 October 2018
EURUSD 1 Hour Chart
Friday, 05 October 2018 at 9:12:00PM AEST
What we see is that EURUSD made a clear five-wave decline from highs and currently can be bouncing away from lows and breaking above channel resistance line, which suggest a temporary bottom. Looking at 15min chart, it can be forming a nice bullish setup after that a-b-c decline, so more and more chances of USD weakness, which may push EURUSD higher for at least third wave up towards 1.16 area. If from any reason goes back into new lows, then we may adjust the view.
EURUSD 4 Hour Chart
Friday, 5 October 2018 at 2:47:00PM AEST
EURUSD came nicely lower into 61.8% Fib. level where wave c can be looking to complete a flat correction. If that is the case then rise should be strong and impulsive back above 1.1600 in the short-term that would confirm a new push above 1.1800.
Negative euro move and daily close below 1.1400 may suggests that correction was already finished at 1.1816.
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