Based on technical analysis 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 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 1.1180 price area. In my judgment, price action in EUR/USD currency pair is now going to rise up more as the trend is bullish in 4 hours chart. So, market is going to remain bullish overall on a medium term basis. Based on Elliott wave forecast, the current Bullish trend is part of a Bearish Impulse Elliott Wave pattern, wave (C) leg which is going to complete corrective wave Zig Zag wave 2 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 an up trend around 1.1360 price area. However; if the price of EUR/USD currency pair breaks below 1.1180, 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.
If you are a trader who prefer to use robots and EAs to automate your trades and make them very profitable for you or require very good forex/stock training resources, please check this page.
Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of EUR/USD currency pair.
👉 Are you looking for a Forex Robot that offers realistic returns even when the markets are volatile or down? Golden Pickaxe is the BEST Forex robot using low risk and EARNING a whopping 47.93% monthly profit margin. You get a robot offering the best in terms of safety and guaranteed profits no matter the risks. A gold-driven EA robot, the robot was created and developed over ten years. It has the pedigree to offer gold traders a profitable all-year-long profit regardless of market conditions. We have tested the platform, and it has seen remarkable profit margins for the past 15 months. The well-known trader developer (Valeriia), put the robot out there for any trader to confirm its realistic profitability. And the robot was tested and seen to be even better than what we thought was the best, Waka Waka. Golden Pickaxe is now one of the best-proven forex robots that offer profitable outcomes, and all data are third-party verified independently via Myfxbook. The balance volume for Golden Pickaxe is there for anyone to see. And that means you get a transparent Forex robot guaranteeing results. Even when facing drawbacks of 37.47%, the robot balances the profits. With an automated trading robot, you can receive near-perfect signals for trading gold. And that’s what every trader needs when investing in Gold. So what are you waiting for? We have tested the robot and Guarantee it’s a perfect match for you. Start earning realistic profit margins from forex trading with a LOW-RISK thanks to Golden Pickaxe. We have been using it even when the gold market was risky. Thanks to this automated forex robot, you can earn 47.93% ROI or more per month consistently. Complete beginners to Forex can start and immediately start earning a stable and reliable income with it. What's more? You don’t even have to deposit funds with your broker when using the Golden Pickaxe robot. Just register with a Broker such as IC Markets or Coinexx (for US-based traders); there’s no need to deposit your real funds with them. Instead, use the Golden Pickaxe robot to pass a funded account challenge on FTMO. No worries, it’s very easy to pass once you install the EA. Once you pass the challenge, FTMO funds your account with real live funds depending on the challenge you passed, then you can simply carry on trading with the EA on the live account and request payouts monthly whenever you want to withdraw your profits. All challenges and trading are done automatically by the Golden Pickaxe robot, so you don't have to worry. Or... if you don't like the idea of a trading challenge/evaluation, you can simply buy a cheap funded account with prop firms we recommend like FundYourFx, get instant funding of a real account, then start using the robot to trade, profit and make weekly withdrawals, very easy. If you have any questions or want help with the setup, head over to our live chat and ask for Corey Woods. Corey will help you with any issues, problems, or initial setup along the way. Here’s your chance to start trading Gold and earn with an AUTHENTIC, PROVEN, AND SAFE Forex Robot. Sign up today for a chance to get a reliable side income with GOLDEN PICKAXE. Click the button below to buy the EA, then contact me on live chat if you need any help setting up the whole thing.
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.
To me; price has printed Bullish corrective wave (B) leg. Now, price action is falling down to complete the Bearish impulse wave (C) leg which is going to complete corrective Bearish Zig Zag pattern. So, now market is moving down on a medium term basis to complete the Bearish corrective wave (C) leg which is part of an overall corrective Bearish Zig Zag at wave 2 location. After that expects a bottom in price action as well. Wave (C) leg is the last and final decline and price is going to prints a long term bottom after that. Within the Bullish Zig Zag corrective Elliott 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 an in-complete Bearish Zig Zag leg and price action is now falling down to prints bearish wave (C) 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 drop lower to prints a Bearish impulse wave (C) leg. To me; in four hours chart of EUR/USD currency pair the bullish leg – Bullish Zig Zag corrective wave pattern wave c which is part of a higher degree wave (C) in daily chart is just a bullish pull back in a down trend leg as mentioned above as wave c Bullish Zig Zag corrective pattern inside a 4 hours chart.
Strong key resistance level is present at 1.1814 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 Weekly Forecast in EUR/USD is going to fail?
Well, the forecast is good for about next two weeks time and price should stays below 1.1814 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 1.1814 resistance area will end the down trend and bearish Elliott Wave Weekly 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 Weekly Forecast the trend is down in daily chart and a good idea is to look for a sell trade around 1.1330 price area, as price action is going to drop more towards 1.1070 but a clear bullish break out in price action above 1.1814 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 1.1360 price level and price is probably going to rise up towards 1.1450 price level. However; if the price of EUR/USD currency pair breaks below 1.1180 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.
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.