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Technical analysis

EURUSD Elliott Wave Analysis: Price Lifts Close to 1.15 After a Weak Dollar

Sanmi Adeagbo | Dec. 28, 2018
EURUSD Elliott Wave Analysis: Price Lifts Close to 1.15 After a Weak Dollar

EURUSD is returning to 1.15 after being quietly supported at 1.134-5. Will the bullish move continue? The following give insights based on Elliott wave theory.

December 28, 2018 | AtoZ Market- EURUSD is currently trading at 1.145 after yesterday's 100 Pips move from 1.135 to continue the bullish run. The markets are adjusting to the post-holiday run before the new year's. Euro is now close to last week's high of 1.1485. If price should bridge above 1.1485, it might continue to 1.155 -1.16 to extend the bullish corrective run from 1.1215. The German inflation data is the only notable economic data from the Eurozone today. The market is expected to be relatively quiet as it runs into the New year holidays.

EURUSD is now trading between 1.1345 and 1.1485 important intraday price levels. The near-term direction of this currency pair, from technical perspective, will lean largely toward which of these two levels is edged out. The bulls are still in control for now and unless a strong dip below 1.127 happens, the bullish run still looks highly likely to continue. Price is in a bullish corrective move after spending a very large part of the year completing a bearish impulse wave that saw it shed more than 1300 Pips.

EURUSD Elliott Wave Analysis and Important Price Levels

Price is playing out with our last update. After narrowing down to two possibilities in the previous update, the second scenario played out. The chart below was used in the last update.

We expected that ''to confirm this bullish scenario, a break above the blue channel and above 1.1485 is needed''. The chart below shows how price has moved since the last update. The blue channel has been broken upside signaling the end of the intraday corrective dip.

There might be another sideway move just beneath 1.1485 before a bullish break above it happens. Price target zone after a sufficient bullish breakout still remains at 1.16-1.17. On the other hand, a dip below 1.127 would probably hamper this bullish development.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.