EUR/USD Elliott Wave Count Calling For Continuation Higher
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EUR/USD is currently correcting higher in a sequence from lows created shortly after the UK vote. The wave count indicates the current leg from July 24 lows at 1.0951 is unfolding as wave C, the last wave in the bullish correction.
From the July 24 lows, the first leg higher in Wave C completed on August 2 at 1.1233 highs and has been labeled as wave (a), in the retracement, wave (b) completed shortly after the NFP release as the structure completed at the 1.1045 spike low.
EUR/USD is now trading in the second leg higher in wave C, and is expected to make a marginal peak above the previous 1.1233 highs.
In the past week, the pair has recovered and erased declines resulting from the strong NFP release. The appreciation this week has confirmed the broader bullish corrective cycle in the pair. The appreciation can be further subdivided into a corrective structure with the first leg higher completing mid-week at 1.1191, and the correction completing at 1.1131. The completion at 1.1131 has been labeled as wave b, and is the invalidation for the current wave count.
The next leg higher is wave c of wave (c) of wave C and should complete the entire corrective sequence from the Brexit spike low of 1.0911. Upon the completion of the structure, the broader downtrend is expected to resume.
EUR/USD Elliott Waves
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