Elliott Wave Forex EURUSD 1 + 4 hr-10 Dec 2018
EURUSD 1Hr 2counts
Friday, 07 December 2018 at 07:17:00PM AEST
As you know, on EURUSD we are tracking two counts due to sideways price action and unclear wave structure, so our primary view is still bullish that can send price towards 1.15 area or maybe even higher, but according to a sideways consolidation within a triangle pattern, we have to consider a bearish count which can push EURUSD out of a triangle back below 1.12 lows! So, if we see an impulsive rally above 1.1420 region, then we can expect more upside, but any sharp decline below 1.1250 level would be a signal of a bearish continuation!
EURUSD 4 Hour Chart
Monday, 10 December 2018 at 6:31:00PM AEST
EURUSD is recovering nicely, ideally unfolding sub-wave iii as part of a bigger wave 3. Sub-wave iii can take price towards the Fibonacci projection ratio of 261.8 in upcoming sessions, from where a temporary new pullback can later follow. This pullback can be sub-wave iv, which can look for support around the 1.156 region.
A decisive break above the 1.147 bullish level would confirm a bullish look.
On count #2 we are observing a triangle now in play, which points towards more weakness.
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