EUR/USD Bounces Inside 2-4 Channel...For Now
This is an update to yesterday afternoon's chart. With this morning's surge higher, I think we finished wave (iii) at today's high. Today's high did come outside the top end of the price range cited on June 2 ("EURUSD Finishes Wave X").
Since today's high stopped at the 2.618 extension AND at the upper blue channel line, this has me leaning towards wave (iv) in progress today and tomorrow.
There is a cluster of support and wave relationships near 1.1190-1.1200. This also happens to be the same area as the 2-4 channel line.
Fourth waves typically hold close to the channel so the price action near this zone will hold clues to the next move.
I am anticipating a wave (v) higher up to 1.14.
However, a meaningful break of the 2-4 line and prices likely visit 1.10 handle. If we meaningfully break support, we'll have to re-evaluate the impulsive wave count.
Don't forget, tomorrow morning at 8:30a ET is the NFP release. Be mindful of reduced liquidity during the release and the potential for slippage.
Since today's high stopped at the 2.618 extension AND at the upper blue channel line, this has me leaning towards wave (iv) in progress today and tomorrow.
There is a cluster of support and wave relationships near 1.1190-1.1200. This also happens to be the same area as the 2-4 channel line.
Fourth waves typically hold close to the channel so the price action near this zone will hold clues to the next move.
I am anticipating a wave (v) higher up to 1.14.
However, a meaningful break of the 2-4 line and prices likely visit 1.10 handle. If we meaningfully break support, we'll have to re-evaluate the impulsive wave count.
Don't forget, tomorrow morning at 8:30a ET is the NFP release. Be mindful of reduced liquidity during the release and the potential for slippage.
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EW Express - bit.ly/elliottwaveexpress
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