Wednesday 17 January 2018

The Euro taking a break

Hi Traders,

The EURUSD (now at 1.226) might be staging a temporary top followed by a  retracement to the 1.19 area where it should resume the rally to 1.26 or higher. 



ELLIOTT WAVES

The monthly chart reveals that the Euro is unfolding "major wave 4" to 1.26 and maybe even to 1.30. Note the theoretical final target at 1.3016

The weekly chart shows that "major wave 4" is supposed to be made of three waves up (in black).

The daily chart reveals that the target of the ongoing retracement down is the area 1.202-1.186. As you can see, the Euro is performing a retracement by means of minor wave 4.

This is also clear in the 4-hours chart and in the 1-hour chart which both show five waves up and the beginning of the retracement.



Monthly chart: click the chart to enlarge










Weekly chart: click the chart to enlarge










Daily chart: click the chart to enlarge










4-hours chart: click the chart to enlarge










1-hour chart: click the chart to enlarge










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