Based on technical analysis the bullish trend is present in EUR/USD currency pair, 4 hours time frame based on EUR/USD Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of EUR/USD pair is going to rise now to prints a Bullish corrective Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has ascended.
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Strong key support level is present at 1.1353 price area which is the termination point of Bearish corrective wave b leg. In my judgment, price action in EUR/USD currency pair is now to going to rise up more to complete a bullish corrective wave c leg which is going to complete wave W – the first Zig Zag. So, market is going to remain bullish on a medium term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish Impulse Elliott Wave pattern, wave c which is going to complete corrective wave 4 leg in higher time frame.
Currently, Bullish corrective Elliott wave pattern wave c looks in-complete. So, a good idea is to look for a possible buy trading chance to join the up trend around 1.1434 price area. However; if the price of EUR/USD currency pair breaks below 1.1353 vital support level then up 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 four hours chart.
Now, at this point; I must acknowledge that the trend is actually bearish in higher time frame of EUR/USD currency pair.
Below is the daily chart of EUR/USD pair with my Elliott wave forecast which shows us a big picture and a well started bearish trend as well.
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To me; price has printed Bearish impulse wave 3. Now, price action is moving sideways to complete the Bearish Expanded Flat – wave 4 pattern. So, now market is moving up on a short term basis to complete the Bullish Impulse wave c leg which is part of an overall corrective Bearish Expanded Flat pattern at wave 4 location. After that expects a decline in price action in the shape of bearish impulse wave 5 leg. Wave 5 leg is the last and final decline and price is going to prints a short term bottom after that. Within the Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5 3 and 5 waves pattern.
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The following Elliott Wave Bearish Impulse pattern diagram shows us a completed Bearish Impulse Wave pattern within the frame work of Elliott wave principle.
The Bearish Impulse Wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of lower swing highs and lower swing lows. Bearish Impulse Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Impulse Elliott wave pattern looks like. If a trader knows what a Bearish Impulse Wave pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bearish Impulse Wave consists of total five waves. Three bearish legs; in the favour of a down trend and two bullish corrective Elliott wave patterns, against the down market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5 and inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bearish Impulse Wave pattern is a motive Elliott wave pattern which appears at a trending market environment and moves in the favour of larger down ward market trend.
Based on my EUR/USD technical analysis using Elliott Wave in daily chart, we have got an in-complete Bearish corrective wave 4 leg and price action is now rising up to prints bullish wave c sub-wave leg. However; it is possible if price breaks above blue colour resistance line then forecast will become in-valid. Now, price action is probably going to move sideways and then rise up more to prints a Bullish corrective wave 4 leg. To me; in four hours chart of EUR/USD currency pair the bullish leg – Bullish Double Zig Zag corrective wave pattern which is part of a higher degree wave 4 in daily chart is just a bullish pull back in a down trend leg as mentioned above as wave 4 Bearish Expanded Flat pattern inside a daily price chart.
Strong key resistance level is present at 1.2154 price area in EUR/USD daily chart. So, I expect market to first move up for next coming trading days and then may be starts the decline. So, in my opinion market is going to remain bearish overall and on a medium to long term basis, expects a sideways leg in market. Next, market is probably going to resume the down trend after that in EUR/USD currency pair, in daily chart.
Now, when an existing Bearish Elliott Wave Long Term Forecast in EUR/USD is going to fail?
Well, the forecast is good for about next two weeks time and price should stays below 1.2154 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 1.2154 resistance area will end the down trend and bearish Elliott Wave Long Term Forecast; in such a market scenario, it would be best not to trade the market and re-analyze EUR/USD daily chart.
Based on EUR/USD Elliott Wave Long Term Forecast the trend is down in daily chart and a good idea is to look for a sell trade around 1.1811 price area, as price is going to drop more towards 1.1265 but a clear bullish break out in price action above 1.2154 vital resistance area will end the down trend. On a medium term basis, it is a bullish trend in EUR/USD 4 hours time frame and a good idea is to take a buy trade around 1.1434 price level and price is probably going to rise up towards 1.1610 price level. However; if the price of EUR/USD currency pair breaks below 1.1353 vital support level then bullish trend is going to end.
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