The EUR/USD exchange rate has been creating each movement according to the Elliott wave theory. Everything started in March when the dollar appreciation ended. Since then the euro has been strengthening and has created the potential Elliott wave structure known as an impulse wave which consists of 5 waves.
It seems that the wave 5 has ended and currently the market is trying to create larger correction. It could be confirmed by the breakout of a key lower limit within an upward channel near 1,2050. If it is broken we could expect a downward movement to the bottom of wave 4 at 1,1612.
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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.
76.44% 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.
It seems that the wave 5 has ended and currently the market is trying to create larger correction. It could be confirmed by the breakout of a key lower limit within an upward channel near 1,2050. If it is broken we could expect a downward movement to the bottom of wave 4 at 1,1612.
________
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.
76.44% 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.
