26Jun

Euro/ U.S. Dollar (EURUSD) Elliott Wave Analysis Highlights Bullish Trend with Orange Wave 5 and Gray Wave 3 Driving Price Forecast

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

EURUSD Elliott Wave Technical Review

FUNCTION: Bullish Trend

MODE: Impulsive

STRUCTURE: Orange Wave 5

POSITION: Navy Blue Wave 1

DIRECTION NEXT LOWER DEGREES: Navy Blue Wave 2

DETAILS: Completion of Orange Wave 4; Orange Wave 5 in progress

Wave Cancel/Invalidation Level: 1.1433

The daily EURUSD Elliott Wave chart continues to indicate a bullish market structure, driven by impulsive wave dynamics. Currently, Orange Wave 5 is underway, forming part of the larger Navy Blue Wave 1. This development suggests the final push in an extended uptrend, aligning with bullish technical expectations.

The conclusion of Orange Wave 4 supports the start of Orange Wave 5, which typically marks the final leg in an impulsive sequence. This phase often accelerates before a pullback or correction begins. The next expected movement is a corrective pattern under Navy Blue Wave 2 once this fifth wave is complete.

Traders should observe the invalidation level at 1.1433. A break below this price would invalidate the current wave count, prompting a reassessment. Until that threshold is breached, the technical outlook remains bullish with continued upward pressure likely.

From a trading perspective, EURUSD may experience additional gains as Orange Wave 5 progresses. The impulsive behavior indicates strong buying interest, but caution is advised near potential wave completion to anticipate any reversal.

EURUSD-d-chart-26062...


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

EURUSD Elliott Wave Technical Review

FUNCTION: Bullish Trend

MODE: Impulsive

STRUCTURE: Gray Wave 3

POSITION: Orange Wave 5

DIRECTION NEXT HIGHER DEGREES: Gray Wave 3

DETAILS: Gray Wave 2 completed; Gray Wave 3 unfolding

Wave Cancel/Invalidation Level: 1.1433

The 4-hour chart for EURUSD reflects a strong bullish trend led by impulsive price action. The current wave, Gray Wave 3, is evolving within Orange Wave 5, signaling high momentum typical of third waves in Elliott Wave theory.

The preceding Gray Wave 2 appears finalized, giving way to Gray Wave 3, known for sharp and extended movement. This progression suggests increasing bullish sentiment, potentially driving price action further upward in the near term.

The key technical level remains at 1.1433. If EURUSD falls below this point, the current analysis becomes invalid, and a revised interpretation is needed. Holding above this level supports the ongoing bullish setup.

With Gray Wave 3 developing, the EURUSD remains well-positioned for continued upward activity. The impulsive structure confirms sustained market interest and opens the door for further potential gains.

Technical Analyst: Malik Awais

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

Previous: EURGBP Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

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

EURUSD-4h-chart-2606...

Related

British Pound/Japanese Yen(GBPJPY) Elliott Wave Technical Analysis 23 October 23

British Pound/Japanese Yen(GBPJPY) Elliott Wave Technical Analysis 23 October 23

The British Pound/Japanese Yen(GBPJPY) Elliott Wave Analysis for the day and 4-hour chart on 23 Octo...

Read More >
Gold is Poised for a Potential Breakout: Gold (XAUUSD) Commodity Elliott Wave Technical Analysis and Significant Movements

Gold is Poised for a Potential Breakout: Gold (XAUUSD) Commodity Elliott Wave Technical Analysis and Significant Movements

Explore our comprehensive Elliott Wave analysis of Gold for 2024, highlighting key technical indicat...

Read More >
USDCHF Elliott Wave Technical Breakdown: Bearish Impulsive Wave 3 and Corrective Phase Insights for Smart Trading

USDCHF Elliott Wave Technical Breakdown: Bearish Impulsive Wave 3 and Corrective Phase Insights for Smart Trading

This analysis delivers a detailed breakdown of the USDCHF currency pair using Elliott Wave principle...

Read More >
In-Depth Elliott Wave TechnicalAnalysis for Meta Platforms Inc. (META): A Trading Perspective

In-Depth Elliott Wave TechnicalAnalysis for Meta Platforms Inc. (META): A Trading Perspective

Explore an in-depth analysis of Meta Platforms Inc. (META) through the lens of Elliott Wave theory. ...

Read More >
Bajaj Finserv Elliott Wave Technical Analysis for Daily and Weekly Charts | Stock Forecast, and Trading Strategy Insights

Bajaj Finserv Elliott Wave Technical Analysis for Daily and Weekly Charts | Stock Forecast, and Trading Strategy Insights

Elliott Wave analysis of Bajaj Finserv, highlighting daily and weekly chart patterns. It covers the ...

Read More >
The Procter & Gamble Company (PG) Elliott Wave Technical Analysis 9 February 24

The Procter & Gamble Company (PG) Elliott Wave Technical Analysis 9 February 24

Delve into the world of trading with a comprehensive analysis of Procter & Gamble (PG) stock using E...

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