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Technical analysis

EURUSD Elliott Wave Analysis: Price Maintains The Rally Above 1.14

Sanmi Adeagbo | Jan. 7, 2019
EURUSD Elliott Wave Analysis: Price Maintains The Rally Above 1.14

Euro is trading significantly above 1.14 as the upbeat mood continues. Will price hits above 1.15 this week? the following give insights based on Elliott wave theory.

January 07, 2019 | AtoZ Markets - The markets were optimistic after Fed chair said the group will be taking a 'patient' approach on rates and could therefore change its stance quickly. The stocks rallied and kept the upbeat mood till this week. This came after a brilliant NFP report of 312k and wages increasing to 3.2% y/y. Trade talks between US and China will resume today and the market might read into President trump's follow-up tweets. The market might also react to the ISM manufacturing data from the US later today. The German retail sales came better than expected while the factory orders came worse. The Brexit is back in the news as the 15th January vote is eyed.

Prior to the NFP last Friday, EURUSD gained more than 100 Pips to climb above 1.14 from 1.13. The accelerated NFP data caused a crash to 1.1345 but price quickly recovered about 1 hour after. Price has now climbed above 1.142 intraday top with 1.15 a possible bullish target level. The surge means that the Euro has gained nearly 1.2% (+135 Pips) from last week 1.13 low. Will it climb further?

EURUSD Elliott Wave Analysis and Important Price Levels

The rally from 1.13 still looks corrective. In the last update, we expected price to break below the channel and 1.13 level to continue the bearish move from 1.15. In as much as price remains below 1.15, a big bearish move below 1.13 down to 1.11 can still happen. If price breaks above 1.15 eventually, we will have to adopt the alternative scenario which also has a bearish forecast after a move to 1.155-1.16.

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