Forex EURUSD Elliott Wave News 1 + 4 hr 23 October 2018
EURUSD 1 Hour Chart
Monday, 22 October 2018 at 11:42:00AM AEST
EURUSD is currently dropping, ideally unfolding corrective wave b) as part of a three-wave higher degree correction of wave two. If we are on the right track, then wave b) can look for support and a reversal higher near the 1.146 area, from where final leg c) may follow. Later this correction may look for resistance and a reversal around the Fibonacci ratio of 61.8, and at the former swing high at 1.155 level. That being said, if we get a further break below the 1.143 level, then this would favor a bearish continuation into blue wave iii.
EURUSD 4 Hour Chart
Monday, 22 October 2018 at 5:07:00PM AEST
Because of recent sharp and firm drop on EURUSD we favor a more bearish count, where an A-B-C structure found a top at the 1.1815 level and now a minimum three-wave reversal is in progress. We are currently tracking sub-wave ii of C, that can look for resistance near the Fibonacci ratio of 61.8. That said, we also labelled a second scenario where corrective wave B of a higher degree is unfolding a triangle pattern.
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