Elliott Wave Forex EURUSD 1 + 4 hr-8 Jan 2019
Eur/Usd 1 Hour Chart
Tuesday, 8 January 2019 at 12:00:00AM AEST
EURUSD is trading slowly higher and it can be unfolding a double zig-zag corrective pattern. It has just hit key do/die level here around 78,6% Fibo. retracement nicely within channel range. So, if we get sharp and impulsive decline here, then we may consider a completed upward correction, but to confirm this bearish count, EURUSD needs to go back below 1.1345 region! Invalidation level remains at 1.15 level!
Eur/Usd 4 Hour Chart
Monday, 7 January 2019 at 6:48:00PM AEST
EURUSD may have recently completed pullback up from November lows, which we labelled as an w-x-y correction within higher degree wave B. We can now see price dropping from the 1.149 level, which is a sign of a completed rally, and that more weakness can be expected, ideally in a five-wave fashion. That said, be aware of a drop lower into wave C of a higher degree towards November low, especially once corrective channel support is broken.
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