EURUSD 4H Elliott Wave analysis
The thick green line is a major downtrend, which has been in place since mid May 2014, this constitutes a major resistance level. If it breaks, it would be considered a strong buy signal - currently at 1.1044. This being the case, my wave count would invalidate if the price were to break above the horizontal blue line which is just 28 pips higher (1.10872), as the rule of wave 4 not entering the price range of wave 1 would be broken. This is a very strong area of resistance for EURUSD. I would place my stop loss at 1.105 on a bearish trade. If it breaks, I would reverse to go long.
Current outlook for this instrument is very bearish, as the last two weeks has seen the EURUSD trade in an ending diagonal. This should complete a double flat fourth wave in a five wave impulsive downward movement. The b - d trend line will most likely break to the downside soon, eventually sending the EURUSD to a new low (below 1.05168) to complete the fifth wave, ending the impulsive downward movement that began five months ago.
Current outlook for this instrument is very bearish, as the last two weeks has seen the EURUSD trade in an ending diagonal. This should complete a double flat fourth wave in a five wave impulsive downward movement. The b - d trend line will most likely break to the downside soon, eventually sending the EURUSD to a new low (below 1.05168) to complete the fifth wave, ending the impulsive downward movement that began five months ago.
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