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Market Analysis

Home » Opinions » EURUSD Will Turn Lower: Elliott Wave Analysis

EURUSD Will Turn Lower: Elliott Wave Analysis

Posted by ewforecast in Opinions - May 19th, 2015 1:59 pm GMT

EURUSD 4h

EURUSD 4h Elliott Wave Analysis

The EURUSD is bullish but we can count five waves up from 1.0523 so we think that sooner or later the pair will turn lower. Our primary count shows that wave 5) is already in place, but we still need the fall in five waves back to 1.125 to confirm the top of a fifth wave. So until that happens we need to keep an eye on our second count – ending diagonal in wave 5). So the idea is that pair will turn south this week, either from current levels or from a new high, from 1.1500.

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