19Jun

Euro/ U.S. Dollar (EURUSD) Elliott Wave Analysis: Daily Orange Wave 5 Impulse & 4‑Hour Gray Wave 2 Correction Signal

Euro/ U.S. Dollar (EURUSD) Elliott Wave Analysis – Trading Lounge Day Chart

EURUSD Elliott Wave Technical Analysis

FUNCTION: Bullish Trend

MODE: Impulsive

STRUCTURE: Orange Wave 5

POSITION: Navy Blue Wave 1

DIRECTION NEXT HIGHER DEGREES: Orange Wave 5 (active)

DETAILS: Completion of Orange Wave 4 is likely; Orange Wave 5 is underway.

Wave Cancel Invalidation Level: 1.10651

The EURUSD daily Elliott Wave forecast signals a strong bullish trend. Current market momentum supports the formation of Orange Wave 5, part of a larger impulsive movement within Navy Blue Wave 1. This development is consistent with a continuation of the overall uptrend.

With Orange Wave 4 likely finished, Orange Wave 5 marks the final leg of this impulse sequence, typically characterized by accelerating price action. Traders should monitor this wave for confirmation of sustained upward movement within the larger bullish Elliott Wave structure.

The critical invalidation level to watch remains at 1.10651. A drop below this threshold would nullify the current wave count, requiring a revised Elliott Wave analysis. Until then, the bullish structure remains valid, indicating a potential upward extension.

This chart setup points toward a final upward thrust for EURUSD, driven by Orange Wave 5. While the structure supports further gains, traders should stay alert for reversal signals, as this move may conclude the short-term trend cycle.

EURUSD-d-us-chart-19...


Euro/ U.S. Dollar (EURUSD) Elliott Wave Analysis – Trading Lounge 4-Hour Chart

EURUSD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Gray Wave 2

POSITION: Orange Wave 3

DIRECTION NEXT HIGHER DEGREES: Gray Wave 3

DETAILS: Gray Wave 1 appears complete; Gray Wave 2 is developing.

Wave Cancel Invalidation Level: 1.10651

The 4-hour EURUSD Elliott Wave analysis indicates a corrective counter-trend phase. The currency pair is forming Gray Wave 2, which occurs within a larger Orange Wave 3 bullish context. This pullback is a typical feature before the continuation of the broader trend.

With Gray Wave 1 completed, the market is now in the retracement phase of Gray Wave 2, often characterized by sideways or mildly declining price action. Once this corrective wave concludes, Gray Wave 3 is expected to resume the primary trend with increased momentum.

Traders should observe the corrective behavior within this zone. Until Gray Wave 2 completes, the price may remain range-bound. The key invalidation point at 1.10651 is essential; if breached, it would invalidate the current wave count and demand reevaluation.

The current wave scenario supports a short-term consolidation period before EURUSD resumes its upward trajectory through Gray Wave 3. Monitoring for the completion of Gray Wave 2 will help identify the next bullish opportunity.

Technical Analyst: Malik Awais

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here

Previous: AUDJPY Elliott Wave Technical Analysis

VALUE Offer - $1 for 2 Weeks then $29 a month!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

EURUSD-4h-us-chart-1...

Related

Nikkei 225 Elliott Wave Forecast Reveals Japan Stock Market Correction Phase with Impulsive Wave C and Trend Reversal Signals

Nikkei 225 Elliott Wave Forecast Reveals Japan Stock Market Correction Phase with Impulsive Wave C and Trend Reversal Signals

This Elliott Wave analysis of the Nikkei 225 highlights Japan’s market correction phase and forecas...

Read More >
Expert Elliott Wave Analysis: S&P 500, NASDAQ 100, DAX 40, FTSE 100 & ASX 200 Trading Insights

Expert Elliott Wave Analysis: S&P 500, NASDAQ 100, DAX 40, FTSE 100 & ASX 200 Trading Insights

TradingLounge delivers advanced Elliott Wave analysis and actionable trading strategies for major in...

Read More >
S&P 500 Elliott Wave Technical Analysis: Insights on Bullish Trends, Wave Progressions, Risk Management, and Trading Strategies

S&P 500 Elliott Wave Technical Analysis: Insights on Bullish Trends, Wave Progressions, Risk Management, and Trading Strategies

S&P 500 Elliott Wave analysis for both daily and weekly charts highlighting bullish trends and impul...

Read More >
Unlocking the Secrets of Gold Trading: A Comprehensive Guide to Elliott Wave Analysis and Strategies

Unlocking the Secrets of Gold Trading: A Comprehensive Guide to Elliott Wave Analysis and Strategies

Our detailed guide explores the Gold Elliott Wave Analysis for the year 2024, providing traders and ...

Read More >
JP Morgan (JPM) Elliott Wave Analysis Reveals Bullish Stock Trend with Forecasted Upside Targets and Key Trading Levels

JP Morgan (JPM) Elliott Wave Analysis Reveals Bullish Stock Trend with Forecasted Upside Targets and Key Trading Levels

JP Morgan Chase (JPM) shows a strong Elliott Wave bullish trend, targeting higher prices as wave 3 p...

Read More >
Mastercard Inc. (MA) Elliott Wave Analysis Shows Bullish Wave 3 Targeting $595 and $650 Key Resistance Levels for Traders

Mastercard Inc. (MA) Elliott Wave Analysis Shows Bullish Wave 3 Targeting $595 and $650 Key Resistance Levels for Traders

Mastercard (MA) Elliott Wave analysis forecasts an ongoing bullish move in Wave 3, targeting $595 an...

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