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EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 23 November 2023

Euro/U.S.Dollar(EURUSD) Day Chart

EURUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: corrective  

Structure: black wave A of Y

Position: wave 2/B

Direction Next lower Degrees: black wave A(started)

Details: blue wave C of Y of X looking completed at 1.09661, Now black wave A of Y may start. Wave Cancel invalid level: 1.12748

The "EURUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 23 November 23, provides a comprehensive examination of the Euro/U.S. Dollar (EURUSD) currency pair using Elliott Wave theory. This analysis is conducted on a daily chart, offering a broader perspective on the market's movements.

The identified "Function" in this analysis is labeled as "Counter Trend," indicating a focus on potential corrective movements against the prevailing trend. The market is assessed to be in a "Corrective" mode, suggesting that the current price action may be part of a corrective pattern within the larger Elliott Wave structure.

The specific "Structure" under scrutiny is denoted as "Black wave A of Y." This signifies a detailed analysis of a sub-wave within the broader Elliott Wave structure, particularly the first wave of a potentially larger cycle.

The designated "Position" is clarified as "Wave 2/B." This indicates that the analysis is centered around the second corrective wave of the broader Elliott Wave structure, providing insights into the potential completion of the current correction.

Concerning the "Direction; Next Lower Degrees," the analysis points to "Black wave A (started)." This implies an expectation of a downward movement at a lower degree within the overarching Elliott Wave structure, suggesting a potential initiation of a bearish phase.

In terms of "Details," the report notes that "blue wave C of Y of X looking completed at 1.09661, Now black wave A of Y may start." This suggests a focus on the completion of a corrective phase (blue wave C) and the potential commencement of the next impulsive wave (black wave A). The "Wave Cancel invalid level" is set at 1.12748, providing a critical reference point.

A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the EURUSD Elliott Wave Analysis on the daily chart indicates a potential counter-trend movement, with a focus on the completion of a corrective phase and the initiation of the next impulsive wave. The analysis provides traders with valuable insights for medium-to-long-term decision-making.

Technical Analyst: Malik Awais

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