17 July EURUSD Elliott Wave Analysis: Bullish ABC Zigzag Pattern Aims 1.1840

Will EURUSD bullish breakouts continue? What does the following 17 July EURUSD Elliott Wave Analysis explains?

17 July, GKFX – The EURUSD made several bullish breakouts after the expected bullish reversal at support but the price is now challenging a new key resistance trend line. The bulls are in control and a bullish continuation seems likely.

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17 July EURUSD Elliott Wave Analysis

The EURUSD is either still in a bullish wave A (purple) or will make a bearish retracement as part of a wave B (purple). This is the expected wave pattern if price indeed completes an ABC zigzag pattern (purple).

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The EURUSD bullish breakout above the resistance line (red) could confirm one more push up within wave 5 (blue) of wave A (purple). Eventually a wave B (purple) retracement is expected.


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