EURUSD - fifth wave underway
In our previous analysis about EURUSD currency pair we have mentioned an Elliott wave structure. It seems that the market has been moving according to the wave theory. After possible wave 4 labeled as abc the exchange rate rallied as possible wave 5.
The possible targets for an upward movement are set by Fibonacci expansions. The first one could be set at 100% Fibo expansion at 1,2128. The second one may be located at 1,2442 at 161,8 Fibo expansion.
The current scenario may be changed only after a decline below the key support at 1,1600.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The possible targets for an upward movement are set by Fibonacci expansions. The first one could be set at 100% Fibo expansion at 1,2128. The second one may be located at 1,2442 at 161,8 Fibo expansion.
The current scenario may be changed only after a decline below the key support at 1,1600.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.