Forex EURUSD Elliott Wave 1 + 4 hr 16 August 2019
Eur/Usd 1 Hour Chart
Friday, 16 August 2019 at 13:49 GMT
USD Index is trading higher as EURUSD moves down to 78.6% Fib. level and put euro bulls in trouble, but pair is still at important do/die zone. The main reason for lower euro is higher bund, but looking at DXY chart I still think very nice potential resistance zone right here.
Eur/Usd 4 Hour Chart
Friday, 16 August 2019 at 06:22 GMT
EURUSD made a sharp recovery from the 1.102 area, which we labelled it as wave 1 of an ongoing, bullish cycle. Latest sideways price activity from the 1.125 area can be labelled as an a-b-c movement into a corrective pause as wave 2, with possible support, and a bullish turn near the 1.1104/1.109 region.
A rally in impulsive fashion would suggest more gains.
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