Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com

Sid Norris
 In Blog, EUR/USD

Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

We may have seen the end of wave 1 blue today, although there is a slightly lower fibonacci target at 1.334, if wave 5 green within wave 5 pink reaches .382 times the net distance traveled by waves 1 through 3 green. Downward momentum is definitely waning, as shown by the double divergence in the MACD. Also, if wave 5 pink ended at 1.33627, it is virtually equal in length to wave 1 pink, a highly typical relationship.


Note added Monday mid-morning (Oct 3): If the Euro moves below 1.3235, an expanded flat for wave 2 blue is unlikely, and wave 2 blue therefore may have ended on Thursday (Sept 29) after a very short, choppy, and anemic rally to 1.368. This would mean that wave 3 blue to the downside is already underway. There is one other possibility that downward movement in Euro is about to subside (for a bit) though, which calls for wave 5 pink to just now be completing as an expanding ending diagonal. This would have wave 1 blue ending on Monday or Tuesday, Oct 3 or 4. A slight bit more downward movement below 1.3235 is allowable in that scenario, after which, a wave 2 blue correction would commence, theoretically taking the Euro back into the upper 1.3’s.

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