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 up 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.
Strong key support level is present at 1.1526 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 rising up to completes a bullish corrective wave c leg. So, market is going to remain bullish on a short term basis. Next, expects a top and a drop as well. Based on Elliott wave forecast, the current Bullish price action is part of a Bullish corrective Elliott Wave pattern, Zig Zag leg.
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 an up trend around 1.1770 price area. However; if the price of EUR/USD currency pair breaks below 1.1526 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.
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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 corrective wave A leg. Now, price action is rising up to complete the Bullish corrective wave B pattern. So, now market is moving up on a short term basis to complete the corrective wave B leg. The bullish corrective wave B leg is the last and final rise and price is going to prints a top after that around 1.2330. Within the Bearish Zig Zag corrective wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.
The following Elliott Wave Bearish Zig Zag corrective pattern diagram shows us a completed Bearish Zig Zag pattern within the frame work of Elliott wave principle.
The bearish Zig Zag 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 lows (retracements) and highs (rises). Bearish Zig Zag Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Zig Zag Elliott wave pattern looks like. If a trader knows what a bearish Zig Zag 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 Zig Zag consists of two Impulse Elliott wave patterns, joined by a B wave. We use A English alphabet to label first impulse Zig Zag wave leg and we use C English alphabet to label second Impulse Zig Zag wave leg. Please take a note that Bearish Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main down market trend.
Based on my EUR/USD technical analysis using Elliott Wave in daily chart, we have got a complete Bearish Impulse wave A leg and price action is now moving up to print bullish wave B corrective 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 B leg. To me; in four hours chart of EUR/USD currency pair the bullish leg – wave c which is part of a higher degree B wave in MidnightBlue color in daily chart is just a bullish leg as mentioned above as wave B corrective pattern inside a daily price chart.
Strong key resistance level is present at 1.2554 price area in EUR/USD daily chart. So, I expect market to first rise up for next coming trading days and then may be starts the decline after hitting 1.2330 price area. So, in my opinion market is going to remain bearish overall and on a medium to long term basis, expects a bullish rally 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 1.2554 resistance area in daily time frame to keep the down trend alive. A clear bullish out in price action above 1.2554 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 1.2170 price area, as price is going to rise up first and then drop more towards 1.1265 but a clear bullish break out in price action above 1.2554 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 1.1770 price level and price is probably going to rise up towards 1.1860 price level. However; if the price of EUR/USD currency pair breaks below 1.1526 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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