Elliott Wave View: EURUSD in Impulsive Rally

Short Term Elliott Wave view in EURUSD suggests cycle from 5.14.2020 low is unfolding as a 5 waves Impulse Elliott Wave structure. Up from 5.14.2020 low, wave 1 ended at 1.1 and pullback in wave 2 ended at 1.0869. Pair then resumed higher again in wave 3 as another impulse in lesser degree. Up from wave 2 low at 1.0869, wave ((i)) ended at 1.0996 and pullback in wave ((ii)) ended at 1.0932. Wave ((iii)) ended at 1.1154, and dips to 1.11 ended wave ((iv)). Final leg wave ((v)) of 3 ended at 1.1258.

Wave 4 pullback is now in progress to correct cycle from 5.25.2020 low before the rally resumes. The pullback should unfold in 3, 7, or 11 swing before the next leg higher starts. Potential target for wave 4 is 23.6 – 38.2 Fibonacci retracement of wave 3 at 1.11 – 1.116. This area, if reached, can see buyers for more upside or 3 waves bounce at least. Wave 4 ideally doesn’t go below 50% of wave 3 or below 1.106. As far as pivot at 1.087 low stays intact, expect pair to find support in 3, 7, or 11 swing.