EURUSD Elliott Wave Analysis: Bearish Move Continues As Dollar Strengthens

EURUSD continues bearish today after breaking below 1.143 support level. Dollar strength is particularly seen across major pairs. What is the next bearish target?

October 2018 | AtoZMarkets EURUSD broke below 1.143 early in the London session today. The support level was held intact after an insufficient bearish pressure. With today’s successful breakout, it seems price would continue the year’s bearish trend. The next bearish target stands at 1.13 as the potential bearish impulse wave from 1.162 continues. Unless a sudden bullish move starts, the bear run will most likely continue.

In the last EURUSD technical forecast, there were two scenarios. The first was an impulse wave move from 1.162 projecting further decline below 1.143. The other looked at classic chart reversal patterns projecting a bullish recovery if price broke above 1.155 and stays above 1.143. With Euro now trading below 1.143, it seems the Elliott wave scenario would work out.

EURUSD Elliott Wave Analysis and Important Levels

The bearish impulse wave continues after yesterday rally to 1.1490. The impulse wave is still making out the 3rd wave which is expected to hit 1.13. The first bearish target is 1.135 before 1.13. Upside, a break above 1.1490 would hamper the development of this wave pattern. Above 1.1490, there is 1.155 and 1.18 which are important resistance levels. The bearish scenario is much likely especially if the Dollar strength persists and the uncertainties around the Eurozone (Italy budget and UK Brexit deal) continues.

Think we missed something? Please share with us in the comment box below.

Share Your Opinion, Write a Comment