Elliott Wave Analysis of EURUSD

The decline on EURUSD from the 17th April highs appears to count well as a possible impulse wave, a minor new low is needed for wave [v]. Its then I would look for signs of a low to setup for a bounce.

If the EURUSD is going to decline and a larger decline is in progress, then any upside simply needs to remain as a 3 wave bounce and stay below 12412. Any bullish case needs a far more aggressive rally above 12412. So traders can use 12412 as a key level for direction, staying below 12412 can support more weakness.

USDDKK

This pair is pretty much the opposite to EURUSD, a minor new high can complete an impulse wave from 5.998 and setup for a pullback, if the next pullback is in 3 waves, then it will offer a bullish setup for further upside against 5.998 stops. It would need a strong breakdown under 5.998 to support a bearish bias, and likley see EURUSD move above 12412.

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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