Let’s look at the price action in the EUR/USD from Elliott Wave’s point of view. To understand what part of the cycle we are in and where the price is likely to go. Last week we looked for a buy trade at 1.1010. The target is at resistance 1.1180, and we take partial profits along the way. Most traders lose money because they do not have the necessary preparation to make professional decisions without emotions. Elliott Wave is a land pole that helps us navigate these markets, which are in a storm mode all the time. Where is the price heading?
Elliott Wave Analysis
In the 4-hour chart, we can see the end of the wave “X” in red, this wave ended at the support 1.0982, I had my stop in the 1.0980, and I was saved by very little, but the price began its upward path and as expected a swing to 1.1180 is necessary before thinking in short. So far, we see a spectacular bullish impulse, and it seems taken from a book, five perfect green waves that built the wave “A” in orange. Now the corrective “B” in orange is in the eye of the hurricane, making its spectacle and draws the cycles worthy of a tremendous corrective wave. This lateral sideways wave is a flat, a continuation figure where the market pauses before continuing to rise.
Four Hours Chart
We expect the EUR to continue its bullish trend next week, keeping an eye on the 1.1180 resistance. When the price draws liquidity above this resistance, we will prepare a short trade. In the meantime, let’s follow the bullish price action and enjoy this phenomenal trade, which has been around 100 pips. We wish you much success in all your trades, and don’t forget that information brings power.