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Technical analysis

EURUSD Elliott Wave Analysis: Price Hits 2 Weeks High

Sanmi Adeagbo | Nov. 7, 2018
EURUSD Elliott Wave Analysis: Price Hits 2 Weeks High

EURUSD hit two weeks high in the Asian market after Tuesday's mid-term election was reportedly to have ended in a split. Will EURUSD hit 1.15 handle again?

November 2018 | AtoZMarkets - EURUSD played around 1.1425 yesterday as the markets anticipated the US mid-term elections. Price rallied above 1.1425 in the New York session before dropping quickly below it, as market headed for a close yesterday. In today's Asian session, Dollar was sold on the fear of split congress. EURUSD quickly hit 1.147 afterwards. Early in the London session today, EURUSD is seen stabilizing around 1.145 as bullish tendency persists.

EURUSD Elliott Wave Analysis and Important Levels

EURUSD continues the upside move from 1.13 as expected in yesterday's update. A break above 1.1425 would show price's commitment to the upside as part of a bullish correction to 1.15-1.1550. The first leg from 1.13-1.1455 and the 3-wave dip that followed shows the upside corrective pattern might end up with a simple Zigzag pattern.

Currently, price is silent around 1.1455 resistance (wave a high). Price needs to break above this level to hit 1.15 (100% Fibonacci projection of wave a from b). If price hits above 1.155 resistance, it might continue to 1.16 (161.8% projection) and morphed into an impulse wave instead of the zigzag pattern the forecast above shows. On the downside, price might turn downside after hitting 1.15. A break below 1.1355 and 1.13 is needed to continue the 5th wave of the year-long bearish impulse wave.

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