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EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 7 February 2024

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

EURUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: black wave 3

POSITION: Red wave 3

DIRECTION NEXT HIGHER DEGREES: black wave 3 (started)

DETAILS: blue wave y of black wave 2 looking completed at 1.07132. Now subwaves of black wave 3 looking started. Wave Cancel invalid level: 1.04499

The "EURUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 7 February 24, provides an in-depth analysis of the Euro/U.S. Dollar (EURUSD) currency pair using Elliott Wave principles.

The identified "FUNCTION" is "Trend," emphasizing a focus on understanding and potentially capitalizing on the prevailing market trend. This suggests an alignment of trading strategies with the broader directional movement in the market.

The specified "MODE" is "Impulsive," indicating that the current market structure exhibits characteristics of an impulsive wave. Impulsive waves are typically strong and directional, representing significant moves in the direction of the overall trend.

The "STRUCTURE" is defined as "Black wave 3," signifying the current wave within the larger Elliott Wave sequence. Wave 3 is often the strongest and longest wave in the sequence, making it a crucial phase for traders seeking to capitalize on significant market moves.

The "POSITION" is labeled as "Red wave 3," providing insight into the subwave count within the broader black wave 3. This level of detail is important for traders using Elliott Wave analysis to navigate and anticipate market movements.

In terms of "DIRECTION NEXT HIGHER DEGREES," the analysis points to "Black wave 3 (started)," indicating that the broader wave count anticipates the commencement of a powerful upward move.

The "DETAILS" section highlights that "blue wave y of black wave 2" is considered completed at 1.07132. The analysis now indicates that subwaves of "black wave 3" have started, suggesting the potential beginning of a strong and sustained upward impulse.

The "Wave Cancel invalid level" is specified as "1.04499." This level serves as a critical reference point, and a breach of this level may prompt a reevaluation of the current wave count and market outlook.

In summary, the EURUSD Elliott Wave Analysis for the Day Chart on 7 February 24, suggests an impulsive structure with the initiation of subwaves of black wave 3. Traders are advised to closely monitor the market dynamics, especially the specified invalidation level at 1.04499, for potential shifts in the market sentiment.

Technical Analyst: Malik Awais

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