EUR/USD FORCAST BULLISH BOUNCE!

EUR/USD forecast is near term bearish while the long term price forecast should continue its upward trend from the 2022 low. Euro-Dollar technical analysis confirms both these outlooks.

$EURUSD opened at 1.058 put in a intraday high at 1.070 dropped to an intraday low of 1.057 and closed at 1.064 Friday March 10th. Price dropped below the 50 MA leaving the forecast bearish near term.

EUR/USD Elliott Wave Forecast

Price has completed five waves at the $1.1033 Feb 1^st high for Green Minor Degree 1.  The subsequent drop to the $1.0461 should only part of Minor Degree 2 which ought to get past the 50.0% 2vs1 before it completes. 

ELLIOTT WAVE EUR/USD DAILY FORECAST

EUR/USD 8-hour bar shows the break of both the Red Circled Minute Degree lower channel trend line and the $1.0802 Minute Degree iv low.  This confirms Green Minor Degree 2 correction which should retrace down into the Fibonacci 2vs1 zone.  So far the benchmark pair has cut out Red Circled Minute a-b of a zigzag most like forming.  Red Minute Degree a which completed at the $1.0532 Feb 27 low took the form of a leading diagonal.  The ensuing correction, Red Minute Degree b, has carved out an expanded flat so far.  These corrections are sideways and usually do not retrace much.  However, this one here isn’t complete and could reach up into Fibonacci zone. The 38.2% is at the $1.0724. 

ELLIOTT WAVE EUR/USD 8-HOUR FORECAST

EUR/USD 1-hour chart shows Green Subminuette iii testing a major confluence at the $1.0725.  Price is currently bouncing between the 127.2% CvsB and the confluence support level at the 127.2% Blue Minuette CvsB and the 38.2% Red Minute Degree BvsA. 

Green Subminuette Degree iv should drop down to the 100% CvsB before moving back up in Subminuette v to complete an ending diagonal series for Blue Minuette (c) of Red Circled Minute b.   From there we should be able to draw out a Red Minute Degree Channel for a measure of Minute Degree c drop

ELLIOTT WAVE 1-HOUR FORECAST

last night after posting EUR/USD dropped back down into the Blue Minuette Degree Channel. Price is currently testing the upper trend line. However this should fail as the Elliott Wave structurer is now complete. This is a flat corrective pattern and these structure always carve out impulses for their C waves.

EUR/USD ELLIOTT WAVE UPDATE MARCH 13