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Technical analysis

EURUSD Elliott Wave Analysis: Price Dropping Below 1.14 Post-FOMC

Sanmi Adeagbo | Nov. 30, 2018
EURUSD Elliott Wave Analysis: Price Dropping Below 1.14 Post-FOMC

EURUSD is leaning below 1.14 after a mixed FOMC meeting and weak Eurozone inflation report. Ahead of the important Trump-Xi summit, what next?

November 30, 2018 | AtoZ Markets - The market priced in after Thursday's FOMC meeting. EURUSD couldn't push above 1.14 but has dropped below it today after negative Eurozone inflation data was released. Tensions are high as Presidents Trump and Xi set to discuss trade deals between the two countries this week at the G20 summit in Argentina. Euro is currently dropping below 1.14 to 1.1350.

EURUSD bullish run from 1.1215 continues after Wednesday's big rally from 1.1270. The year long bearish impulse wave was labelled to have completed at 1.1215. The bullish run is now leaning toward a double or triple zigzag if the current run continues. If price returns from the current dip to break above 1.14, the bullish correction to 1.55-1.6 is expected to continue.

EURUSD Elliott wave Analysis and Important Price Levels

From 1.1270, the chart above starts a new wave count. The rally from 1.1270 could continue to complete a bullish impulse wave upside or at least a 3-wave corrective move. 1.1270 remains the important support while 1.14 is the near resistance. A break above 1.14 should see price advance further to 1.15-1.16 or even higher. The current intraday dip could continue to 1.13-1.1315 before the bullish run continues. Unless a fast drop below 1.1270 happens, the medium-term forecast still points upside.

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