EURUSD Elliott Wave Analysis – Trading Lounge Day Chart

Euro/U.S. Dollar (EURUSD) Day Chart Analysis

EURUSD Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Orange Wave 3

Position: Navy Blue Wave 3

Direction Next Lower Degrees: Orange Wave 4

Details: Orange Wave 2 appears complete; Orange Wave 3 is currently in progress.

Wave Cancel Invalid Level: 1.07780

The EURUSD Elliott Wave Analysis on the daily chart indicates that the market is currently exhibiting an impulsive trend mode. This analysis primarily focuses on the development of Orange Wave 3, which is part of a larger Navy Blue Wave 3. This wave structure suggests a strong upward momentum in the EURUSD market.

Prior to the current phase, Orange Wave 2, a corrective wave, appears to have concluded. Following this, Orange Wave 3 has initiated and is actively unfolding. The transition from the corrective Wave 2 to the impulsive Wave 3 signals a continuation of the broader upward trend. The progress within Orange Wave 3 indicates ongoing bullish activity.

As the market progresses through Orange Wave 3, the next anticipated phase is Orange Wave 4, a lower-degree wave that is likely to introduce a corrective movement. However, the current focus remains on the upward trajectory of Orange Wave 3, expected to continue driving the market higher.

A critical level to monitor is the Wave Cancel Invalid Level at 1.07780. This level acts as a threshold for the validity of the current Elliott Wave count. If the market falls below this level, the current wave analysis would be invalidated, indicating that the anticipated upward movement within Orange Wave 3 may not proceed as expected. This invalidation point is crucial for traders, as it could signal a potential shift in market direction.

In summary, the EURUSD Elliott Wave Analysis on the daily chart highlights an ongoing impulsive upward trend within Orange Wave 3 following the completion of Orange Wave 2. The market is currently focused on this upward phase, with the invalidation level at 1.07780 serving as a key point to determine the continued validity of this wave structure.\

EURUSD-1d-forex-char...


EURUSD Elliott Wave Analysis – Trading Lounge 4-Hour Chart

Euro/U.S. Dollar (EURUSD) 4-Hour Chart Analysis

EURUSD Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Gray Wave 3

Position: Orange Wave 3

Direction Next Lower Degrees: Gray Wave 4

Details: Gray Wave 2 appears complete; Gray Wave 3 is currently in progress.

Wave Cancel Invalid Level: 1.07780

The EURUSD Elliott Wave Analysis on the 4-hour chart shows that the market is currently in an impulsive trend mode. This analysis focuses on Gray Wave 3, which represents the ongoing upward movement within the market. Gray Wave 3 is part of a broader impulsive wave sequence, indicating strong upward momentum.

According to the analysis, Gray Wave 2, the preceding corrective wave, seems to have completed. The conclusion of Gray Wave 2 marks the end of the corrective phase and the beginning of Gray Wave 3, where the market is expected to continue moving upward with increased strength. The current focus is on the progression of Gray Wave 3, which is actively unfolding.

The next lower-degree direction is identified as Gray Wave 4, suggesting that after Gray Wave 3 reaches its peak, the market might enter another corrective phase before potentially resuming the upward trend. For now, Gray Wave 3 remains the dominant wave within the current market structure, driving the trend.

The Wave Cancel Invalid Level is set at 1.07780, serving as a crucial threshold for the validity of the current Elliott Wave count. If the market drops below this level, it would invalidate the current wave analysis, indicating that the anticipated continuation of the upward movement within Gray Wave 3 might not occur as predicted. In such a scenario, the wave structure and overall market outlook would require reassessment.

In summary, the EURUSD Elliott Wave Analysis on the 4-hour chart underscores the ongoing upward trend within Gray Wave 3 following the completion of Gray Wave 2. The analysis highlights the continuation of this trend, with a key invalidation level at 1.07780, as the market is expected to remain in an upward phase while Gray Wave 3 continues to unfold.

Technical Analyst: Malik Awais

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: USDJPY Elliott Wave Technical Analysis

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 170 Markets Covered. Chat Room With Support

EURUSD-4hr-forex-cha...

Related

Russell 2000 Elliott Wave Analysis Forecasts Bullish Trend, Offering Trading Strategies, Predictions, and Key Investment Opportunities

Russell 2000 Elliott Wave Analysis Forecasts Bullish Trend, Offering Trading Strategies, Predictions, and Key Investment Opportunities

Discover Russell 2000 Elliott Wave analysis covering forecast trends, trading strategies, daily and ...

Read More >
Learn Whether ANZ Group Holdings Limited Shares are a Buy or Sell – ANZ Elliott Wave Analysis & Technical Forecast

Learn Whether ANZ Group Holdings Limited Shares are a Buy or Sell – ANZ Elliott Wave Analysis & Technical Forecast

This Elliott Wave analysis of ASX: ANZ GROUP HOLDINGS LIMITED provides a detailed breakdown of ANZ s...

Read More >
U.S. Dollar / Japanese Yen (USDJPY) Elliott Wave Analysis: Price Prediction, Wave Count & Forex Trading Strategy for Market Outlook

U.S. Dollar / Japanese Yen (USDJPY) Elliott Wave Analysis: Price Prediction, Wave Count & Forex Trading Strategy for Market Outlook

This USDJPY Elliott Wave Analysis provides insights into the bearish trend, wave counts, and key sup...

Read More >
Strategic Insights for Forex Traders:Euro/British Pound (EURGBP) Elliott Wave Technical Analysis

Strategic Insights for Forex Traders:Euro/British Pound (EURGBP) Elliott Wave Technical Analysis

Discover actionable insights for trading the Euro/British Pound (EURGBP) currency pair with our comp...

Read More >
U.S. Dollar / Canadian Dollar (USDCAD) Forex Elliott Wave Technical Analysis: Unveiling Bullish Momentum and Strategic Insights

U.S. Dollar / Canadian Dollar (USDCAD) Forex Elliott Wave Technical Analysis: Unveiling Bullish Momentum and Strategic Insights

Gain insights into the USDCAD Elliott Wave analysis focusing on bullish momentum in wave 5. Explore ...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on