EURUSD Elliott wave analysis ahead of ECB
Jul 18, 2022

EURUSD

I hope you had a good time during the weekend. We had the birthday of my little girl Zala, after she returned from a 10-day holiday trip with her grandparents. It’s s such a different rhythm and dynamic with kids, or no kids at home. No kids at home it’s like markets without CB, no volatility, no action. Well, we have another important week in front of us; it’s the ECB and BoJ week where CB may have something new to say about the recent sell-off of their currencies. ECB is expected to hike rates for the first time in more than a decade on Thursday, by 25 basis points. Or, who knows, they can even surprise us if we consider that ECB is behind the curve a lot compared to other banks.  From an Elliott wave analysis perspective we can see a very nice turn up on the EURUSD currency pair, out of a downward Elliott wave channel which may suggest that the bearish impulse Elliott wave pattern can now be finally bottoming. A minimum three-wave rise is now expected, possibly even back to 1.03 level while SP500 futures may try to attack 3950.

Grega

EURUSD Elliott wave analysis
EURUSD Elliott wave analysis

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