Decoding EURUSD With Elliott Wave
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EURUSD initially fell to 1.1326 last week, but then managed to return stronger and climb to 1.1453. There has been plenty of news during the last five trading days. From U.S. trade balance, through services ISM reports and FOMC minutes to initial jobless claims, mainstream analysts have been quite busy with trying to interpret all these pieces of information, in order to form an opinion. Fortunately, Elliott Wave analysts do not need to constantly look forward to the news. Because all an Elliottician needs is a chart and the Elliott Wave Principle. It could give traders a hint about the market’s intentions long before the majority has any idea. In order to prove our point, we will show you the forecast we sent to our premium clients on Monday, April 4th. It is given below.
“Once wave “b” is over, wave “c” to the north could take EURUSD above 1.1440.” As visible, we thought wave “b” was going to end soon after touching the 38.2% Fibonacci level and give the start to another rally towards 1.1440 or higher. With the week already behind us, let’s see how the situation has developed. An updated chart is given below.
Wave “b” ended precisely at the 38.2% retracement level. Then, the bulls returned and took EURUSD to new highs. On Thursday, April 7th, the exchange rate rose to 1.1453, thus exceeding our target level. That is why we trust the Elliott Wave principle. It often allows us to predict more than just one single move and not only in FOREX, but in other markets as well. What would it take for you to give it a chance too?
What to expect from now on? What is the bigger picture saying? Is EURUSD going to continue even higher or the resistance near 1.1450 would turn out to be too strong for the bulls to breach? Prepare yourself for whatever is coming.
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