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EUR/USD Elliott Wave Analysis 10th August 2017

EUR/USD Elliott Wave Analysis 10th August 2017
Thursday, August 10th, 2017 @ 8:29 pm by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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EUR/USD Elliott Wave Analysis

EUR/USD Elliott Wave Analysis in 15 Minutes chart

Bullish trend is present in EUR/USD currency pair, 15 minutes chart. As I have suggested few hours ago, the price of EUR/USD currency pair is going to rise up now on a short-term basis to create a Bullish Zig Zag Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

So, all those Forex traders who have followed my Elliott wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 1.1704 price level which is the ending point of bearish wave B leg. In my opinion, price action in EUR/USD currency pair has completed Bearish wave B corrective Elliott Wave Pattern. Based on Elliott wave Analysis, Bullish Zig Zag pattern wave is now in progress. So, I expect the market to first move sideways and then resume the up trend and rise towards 1.1795 price area in coming trading hours.

Next, price action is most likely going to prints a top as well in coming trading hours after completing bullish wave C impulse wave pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/USD bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish wave C leg which is part of the Bullish Zig Zag Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend.

However; if the price action in EUR/USD spot Forex pair breaks below 1.1704 important support level then Bullish Elliott wave Analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair price movement in fifteen minutes chart.

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