EURUSD Is Unfolding A Five-Wave Bullish Impulse, Now At Resistance
Feb 2, 2023


EURUSD is unfolding a five-wave bullish impulse that indicates bottom in place from Elliott wave perspective.

EURUSD is in strong recovery mode since October 2022, clearly with an impulsive price action. Such a massive rally should be labeled as a five-wave bullish impulse, which actually confirms bottom in place.

EURUSD Is Unfolding A Five-Wave Bullish Impulse, Now At Resistance Daily Chart
EURUSD Daily Chart

Looking at the daily chart, we are tracking wave (5) or alternatively wave 3. Now that is nearing important 1.10 – 1.11 resistance area, we have to be aware of a higher degree corrective slow down. However, keep in mind that correction may come in play only if we see broken trendline connected from the lows.

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