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EUR/USD Elliott Wave Forecast 6th May to 20th May 2020

EUR/USD Elliott Wave Forecast 6th May to 20th May 2020

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EUR/USD Elliott Wave Forecast
EUR/USD Elliott Wave Forecast in 4 hours chart

Based on technical analysis EUR/USD Elliott Wave Forecast, the bullish trend is present in EUR/USD currency pair, 4 hours time frame based on EUR/USD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of EUR/USD pair is going to rise up now to prints a Bullish Impulse 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.

Strong key support level is present at 1.0726 price area which is originating point of Bullish impulse wave i leg. In my judgment, price action in EUR/USD currency pair is now going to move sideways. Next expect further rise in price action to complete a Bullish Impulse wave pattern – wave iii. So, market is going to remain bullish on a short term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, current Bullish trend is part of a Bullish Impulse Elliott wave pattern, wave 3 leg in higher time frame.

Currently, Bullish impulse Elliott wave pattern, wave iii leg looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.0810 price area. However; if price of EUR/USD currency pair breaks below 1.0726 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade Forex market and re-do EUR/USD Elliott wave analysis in four hours chart.

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Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of EUR/USD currency pair.

EUR/USD Elliott Wave Forecast in daily chart

 

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Below is the daily chart of EUR/USD pair with my Elliott wave forecast which shows us a big picture and a well started bullish trend as well.

EUR/USD Elliott Wave Forecast

To me; price is printing Bullish impulse wave 3 leg which is going to complete soon. So, now expect price action in EUR/USD currency pair to rise up more to complete Bullish impulse wave 3, based on Elliott wave analysis. So, now market is rising up to complete the Bullish motive wave pattern. Next, price is going to prints a long term top as well. Within Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves pattern.

The following Elliott Wave Bullish Impulse wave pattern diagram shows us a completed Bullish Impulse wave pattern within the frame work of Elliott wave principle.

Bullish Impulse pattern

The Bullish 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 higher swing highs and higher swing lows. Bullish Impulse Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Impulse Elliott wave pattern looks like. If a trader knows what a Bullish 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 Bullish Impulse wave consists of total five waves. Three bullish legs in the favour of an up trend. And two bearish corrective Elliott wave patterns, against the upward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5. Inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bullish Impulse Wave pattern is a motive Elliott wave pattern. It appears at a trending market environment and moves in the favour of larger upward market trend.

Based on my EUR/USD using Elliott Wave in daily chart, we have got an in-complete bullish impulse wave 3 leg. So, market is going to first rise up more to complete wave 3 leg. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways. Next, expects a rise in market to complete a Bullish motive wave 3 leg.

To me; in four hours chart of EUR/USD currency pair the bearish wave ii leg which is part of a higher degree wave 3 impulse wave pattern in daily chart is just a bearish leg in an up trend as mentioned above as Bearish Zig Zag leg inside a 4 hours chart.

Strong key support level is present at 1.0635 price area in EUR/USD daily chart. I expect market to first move side and then rise up more. So, in my opinion market is going to remain bullish overall. And on a medium to long term basis, expects a bullish leg in market in EUR/USD currency pair, in daily chart.

Now, when an existing Bullish Elliott Wave Weekly Forecast in EUR/USD is going to fail?

Well, the forecast is good for about next two weeks time. And price should stays above 1.0635 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 1.0635 support area will end an up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze EUR/USD daily chart.

Summary

 

Based on EUR/USD Elliott Wave Weekly Forecast the trend is up in daily chart. A good idea is to look for a buy trade around 1.0877 price area. As price action is going to rise up towards 1.1515. But a clear bearish break down in price action below 1.0635 vital support area will end up trend. On a medium term basis, it is a bullish trend in EUR/USD 4 hours time frame. A good idea is to take a buy trade around 1.0810 price level. Next, price is probably going to rise up towards 1.1099 price level. However; if price of EUR/USD currency pair breaks below 1.0726 vital support level then bullish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.

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