EUR/USD - stronger dollar after Elliott wave pattern
The USD has strengthened against the euro in recent days. As a consequence, the EUR/USD exchange rate dropped from 1,2340 to 1,2140. However, it seems that this could be only the beginning of a larger corrective movement. If the potential support at 1,2128 is broken the market may fall to the lower limit within the key trend channel. What is more, the next possible target could be located at the low of wave 4 at 1,1612.
From the technical point of view, the correction may appear thanks to the Elliott wave patterns. Since March we have been observing a five wave impulse structure. So currently the wave A within corrective movement may appear.
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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.
From the technical point of view, the correction may appear thanks to the Elliott wave patterns. Since March we have been observing a five wave impulse structure. So currently the wave A within corrective movement may appear.
________
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.
