The original link I posted for the EURUSD can be found below:
I have decided to use the Elliott wave principle in this post to analyze the EURUSD.
Price action above can be described by a 3 wave move in what seems to be shaping up as an expanded flat (3-3-5) Elliott wave structure. We are currently finishing intermediate wave C which implies that the sell off is not yet complete.
The target area that I favor for the EURUSD to find support is Support 3 ( between 1.21233 and 1.21396) because this support region coincides with Intermediate wave C i.e. wave (C) ~ = 138.2% intermediate wave (A), which is acceptable.
Once the move is complete to Support 3, the EURUSD should move back up as an impulse move or another 3 waves move back upwards.
Since both scenarios point upwards, I will look for an entry point to go long IF the EURUSD hits support 3 and holds in the support region.
My least target would be Ceiling 2 which is between 1.25326 and 1.25329
Price action above can be described by a 3 wave move in what seems to be shaping up as an expanded flat (3-3-5) Elliott wave structure. We are currently finishing intermediate wave C which implies that the sell off is not yet complete.
The target area that I favor for the EURUSD to find support is Support 3 ( between 1.21233 and 1.21396) because this support region coincides with Intermediate wave C i.e. wave (C) ~ = 138.2% intermediate wave (A), which is acceptable.
Once the move is complete to Support 3, the EURUSD should move back up as an impulse move or another 3 waves move back upwards.
Since both scenarios point upwards, I will look for an entry point to go long IF the EURUSD hits support 3 and holds in the support region.
My least target would be Ceiling 2 which is between 1.25326 and 1.25329