Elliot Wave: EURUSD is in the Early Stages of Significant Rally
Bottom Line: Bullish Opportunity: An advance should start from not much below the current levels, and that will confirm a reversal is underway from 1.09898 Invalidation Level that favors the Euro.
Considering that the rally from 1.09898 unfolded as a five-wave impulse structure in wave (i), ongoing corrective price action keeps wave (ii) alive, continue to allow a bit lower before EURUSD is set up for the wave (iii) advance.
I anticipate that wave (ii) will find support at 1.10129, comprising the low of the previous second wave at one lesser degree, 78.6 Fibonacci retracement of the advance from 1.09898, and third bounce of ascending trendline.
If this wave count is correct, the Euro should continue to strengthen relative to the US Dollar, and we should expect a weaker Dollar as the USD Index contents comprise 60% of EURUSD.
Best of luck on the chart!
Veejahbee.
I anticipate that wave (ii) will find support at 1.10129, comprising the low of the previous second wave at one lesser degree, 78.6 Fibonacci retracement of the advance from 1.09898, and third bounce of ascending trendline.
If this wave count is correct, the Euro should continue to strengthen relative to the US Dollar, and we should expect a weaker Dollar as the USD Index contents comprise 60% of EURUSD.
Best of luck on the chart!
Veejahbee.
