EUR/USD - Elliott wave pattern continuation
The EUR/USD exchange rate has been falling since the beginning of 2021. Previously we have mentioned the Elliott Wave pattern where the whole upward structure looks like a possible impulse wave since March 2020. What is more, above 1,2000, where the fifth wave may have ended the ECB were talking about a strong euro which could limit the upward movement.
It seems that as a consequence of the mentioned above, the exchange rate has dropped below the key line drawn through the low of wave 2 and wave 4. In theory it could open a way to a potential target zone at 1,1700 - 1,1600 as wave A within ABC correction.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
It seems that as a consequence of the mentioned above, the exchange rate has dropped below the key line drawn through the low of wave 2 and wave 4. In theory it could open a way to a potential target zone at 1,1700 - 1,1600 as wave A within ABC correction.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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