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The bearish trend is present in EUR/USD currency pair, 15 minutes time frame based on EUR/USD Elliott wave Analysis. As I have forecasted few hours ago, the price of EUR/USD pair is going to drop now on a short-term basis to print a corrective bearish Zig Zag wave Elliott Wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price descended.
Strong key resistance level is present at 1.1427 price area which is Wave B termination point as well. In my judgment, price action in EUR/USD currency pair is now going drop few more pips to complete the bearish pullback – wave A, B and C Zig Zag leg. Based on Elliott wave analysis, the decline in price action looks like a Bearish Zig Zag Elliott Wave pattern. So, I expect the market to resume the up-trend after completing bearish Zig Zag pattern.
Currently, bearish Zig Zag leg looks in-complete. So, first wait outside of the market and allow price action to drop more. Next, look for a possible buy trading chance to join an up-trend. However; if the price of EUR/USD breaks above 1.1427 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the EUR/USD Elliott wave analysis in fifteen minutes chart.
Now, at this point; I must acknowledge that trend is actually bullish in higher time frame of EUR/USD currency pair.
Below is the 4 hours chart of EUR/USD pair with EUR/USD Elliott wave analysis which shows us a big picture and a nice up trend as well.
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To me; price has printed a Bullish Impulse Wave 3 pattern. Now, market is falling down to print bearish Wave 4 Elliott wave leg. This is a typical Elliott wave pattern. Meaning, after bullish wave 3 market always falls down to print a corrective wave 4.
The following Elliott Wave Basic Pattern diagram shows us a completed five wave bullish sequence within the context of Elliott wave principle.
Based on my EUR/USD Elliott wave analysis, we have seen Wave 3 top in EUR/USD currency pair, 4 hours time frame. Now, price is falling down to print bearish Wave 4 leg.
To me; the current bearish decline in price action – Wave 4 is just a bearish pull back as mentioned above as a Bearish Zig Zag in fifteen minutes chart of EUR/USD pair. Strong key support level is present at 1.1291 in EUR/USD four hours chart.
So, I expect market to first complete the bearish wave 4 leg. Next, after the completion of wave 4 price action is most likely going to rise up to print bullish impulse wave 5. So, market is going to resume an up trend only after the completion of bearish wave 4 pull back in EUR/USD currency pair, time frame is 4 hours chart.
However; price should stays above 1.1291 support area in 4 hours time frame to keep the up trend alive. A clear break down in price action below 1.1291 vital support area will end the up trend and in such a market scenario, it would be best not to trade the market and re-analyze the EUR/USD 4 hours chart.
Based on EUR/USD Elliott wave analysis the trend is up in 4 hours chart and a good idea is to look for a buy trade around 1.1365 price area as price is going to rise towards 1.1445 but a clear break down in price action below 1.1291 vital support area will end the up trend. On a short term basis, it is a down trend in EUR/USD 15 minutes time frame and a good idea is to take a sell trade around 1.1360 and price is going to fall towards 1.1345 area. However; if the price of EUR/USD breaks above 1.1427 vital resistance level then down trend is going to end. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.
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