EUR/USD Update (September 1, 2021)
EUR/USD completed 5 waves up and managed to reach the 100% Fibonacci Extension from wave 2 to wave 3 to wave 4 according to the Elliott Wave Principle.
Since it rejected the 100% Fibonacci Extension and didn't manage to break it, I expect to see an ABC correction to the downside before continuing its way up.
Our first target will be the previous wave 4 of wave 5 (1.1780). Breaking it will push EUR/USD to retest the big previous wave 4 at 1.1720 as our second target.
Not breaking the previous wave 4 after reaching it, we will then see a new bullish intermediate cycle to the upside towards 1.19000.
From a fundamental perspective, ADP Non-Farm Employment Change and ISM Manufacturing PMI could push DXY for an upside correction leading EUR/USD to drop for a little retest.
Since it rejected the 100% Fibonacci Extension and didn't manage to break it, I expect to see an ABC correction to the downside before continuing its way up.
Our first target will be the previous wave 4 of wave 5 (1.1780). Breaking it will push EUR/USD to retest the big previous wave 4 at 1.1720 as our second target.
Not breaking the previous wave 4 after reaching it, we will then see a new bullish intermediate cycle to the upside towards 1.19000.
From a fundamental perspective, ADP Non-Farm Employment Change and ISM Manufacturing PMI could push DXY for an upside correction leading EUR/USD to drop for a little retest.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.