23Nov

Euro/U.S.Dollar(EURUSD) Elliott Wave Technical Analysis 23 November 23

EURUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 23 November 23

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

EURUSD Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: impulsive  

Structure: black wave A of Y

Position: wave 2/B

Direction Next lower Degrees: black wave A(started)

Details: blue wave C of Y of X looking completed at 1.09661, Now black wave A of Y may start  . Wave Cancel invalid level: 1.12748

The "EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 23 November 23, delves into the Euro/U.S. Dollar (EURUSD) currency pair, applying Elliott Wave theory to gain insights into potential price movements. This analysis is performed on a 4-hour chart, offering a nuanced perspective on the shorter-term dynamics of the market.

The identified "Function" is labeled as "Counter Trend," indicating that the focus of the analysis is on identifying potential corrective movements against the prevailing trend. The market is assessed to be in an "Impulsive" mode, signifying a strong and directional movement, albeit against the primary trend.

The specific "Structure" under scrutiny is denoted as "Black wave A of Y." This highlights a detailed examination of a sub-wave within the broader Elliott Wave structure, specifically the first wave of a potential larger cycle.

The designated "Position" is clarified as "Wave 2/B," indicating that the analysis is centered around the second corrective wave of the broader Elliott Wave structure, providing insights into the potential completion of the current correction.

Concerning the "Direction; Next Lower Degrees," the analysis points to "Black wave A (started)." This implies an expectation of a downward movement at a lower degree within the overarching Elliott Wave structure, suggesting a potential initiation of a bearish phase.

In terms of "Details," the report notes that "blue wave C of Y of X looking completed at 1.09661, Now black wave A of Y may start." This suggests a focus on the completion of a corrective phase (blue wave C) and the potential commencement of the next impulsive wave (black wave A). The "Wave Cancel invalid level" is set at 1.12748, providing a critical reference point. A

breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the EURUSD Elliott Wave Analysis on the 4-hour chart indicates a potential counter-trend movement, with a focus on the completion of a corrective phase and the initiation of the next impulsive wave. The analysis provides traders with valuable insights for short-to-medium-term decision-making.

Technical Analyst: Malik Awais

Source: Tradinglounge.com get trial here!

EURUSD-Forex-4HR-CHA...

 


 

EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 23 November 23

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

EURUSD Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: corrective  

Structure:black wave A of Y

Position: wave 2/B

Direction Next lower Degrees: black wave A(started)

Details:blue  wave C of Y of X looking completed at 1.09661  , Now black wave A of Y may start  . Wave Cancel invalid level: 1.12748

The "EURUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 23 November 23, provides a comprehensive examination of the Euro/U.S. Dollar (EURUSD) currency pair using Elliott Wave theory. This analysis is conducted on a daily chart, offering a broader perspective on the market's movements.

The identified "Function" in this analysis is labeled as "Counter Trend," indicating a focus on potential corrective movements against the prevailing trend. The market is assessed to be in a "Corrective" mode, suggesting that the current price action may be part of a corrective pattern within the larger Elliott Wave structure.

The specific "Structure" under scrutiny is denoted as "Black wave A of Y." This signifies a detailed analysis of a sub-wave within the broader Elliott Wave structure, particularly the first wave of a potentially larger cycle.

The designated "Position" is clarified as "Wave 2/B." This indicates that the analysis is centered around the second corrective wave of the broader Elliott Wave structure, providing insights into the potential completion of the current correction.

Concerning the "Direction; Next Lower Degrees," the analysis points to "Black wave A (started)." This implies an expectation of a downward movement at a lower degree within the overarching Elliott Wave structure, suggesting a potential initiation of a bearish phase.

In terms of "Details," the report notes that "blue wave C of Y of X looking completed at 1.09661, Now black wave A of Y may start." This suggests a focus on the completion of a corrective phase (blue wave C) and the potential commencement of the next impulsive wave (black wave A). The "Wave Cancel invalid level" is set at 1.12748, providing a critical reference point.

A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the EURUSD Elliott Wave Analysis on the daily chart indicates a potential counter-trend movement, with a focus on the completion of a corrective phase and the initiation of the next impulsive wave. The analysis provides traders with valuable insights for medium-to-long-term decision-making.

Technical Analyst: Malik Awais

Source: Tradinglounge.com get trial here!

EURUSD-Forex-DAY-CHA...

Related

WTI Crude Oil Commodity Elliott Wave Analysis: Bullish Correction Poised to Advance Further

WTI Crude Oil Commodity Elliott Wave Analysis: Bullish Correction Poised to Advance Further

The Elliott Wave Analysis conducted on WTI Crude Oil, reveals a bullish corrective phase within a br...

Read More >
Monero/ U.S. dollar(XMRUSD) Elliott Wave Technical Analysis 8 November 23

Monero/ U.S. dollar(XMRUSD) Elliott Wave Technical Analysis 8 November 23

Monero/ U.S. dollar(XMRUSD) Elliott Wave Technical Analysis on 8 November 23, TradingLounge XMRUSD C...

Read More >
Ripple Xrp Crypto Price News Today Elliott Wave Technical Analysis: Ripple XRP's Forecast and Price Movements

Ripple Xrp Crypto Price News Today Elliott Wave Technical Analysis: Ripple XRP's Forecast and Price Movements

This comprehensive guide covers XRP price prediction, technical analysis, and Elliott Wave insights....

Read More >
Forex Market Forecasts for AUDJPY Elliott Wave Analysis: Trading Strategy with the Australian Dollar to Japanese Yen pair

Forex Market Forecasts for AUDJPY Elliott Wave Analysis: Trading Strategy with the Australian Dollar to Japanese Yen pair

Discover detailed AUDJPY Elliott Wave Analysis for both daily and 4-hour charts, highlighting the on...

Read More >
Discover the stock's Price Predictions, Technical Indicators, and Expected Market Movements: JSW Steel Elliott Wave Analysis

Discover the stock's Price Predictions, Technical Indicators, and Expected Market Movements: JSW Steel Elliott Wave Analysis

This article provides an in-depth Elliott Wave analysis of JSW Steel, highlighting potential stock p...

Read More >
U.S. Dollar/Canadian Dollar (USDCAD) Forex Elliott Wave Technical Analysis: Risk management and technical analysis for Forex trading

U.S. Dollar/Canadian Dollar (USDCAD) Forex Elliott Wave Technical Analysis: Risk management and technical analysis for Forex trading

Get detailed USD/CAD Elliott Wave analysis for both daily and 4-hour charts. Learn about counter-tre...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

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

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

Gain a competive edge with expert insights in to:

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

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • 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