Euro/ U.S. Dollar (EURUSD) Day Chart

EURUSD Elliott Wave Technical Analysis

• Function: Bullish Trend
• Mode: Impulsive
• Structure: Navy Blue Wave 1
• Position: Gray Wave 1
• Direction (Next Lower Degrees): Navy Blue Wave 2
• Details: Navy blue wave 1 of gray wave 1 as a new trend is in play.
• Wave Cancel Invalidation Level: 1.01773

The EURUSD currency pair currently shows a bullish trend, as identified by Elliott Wave Analysis on the daily chart. The market is in an impulsive phase, represented by navy blue wave 1, which forms part of the broader gray wave 1 structure. This signals the start of a new upward trend, reflecting strengthening bullish sentiment.

Navy blue wave 1 is unfolding actively within gray wave 1, marking the beginning of this bullish cycle. As the initial impulsive wave, navy blue wave 1 establishes the foundation for further upward movements in the developing trend. Once navy blue wave 1 completes, the next anticipated phase is navy blue wave 2, expected to act as a corrective pullback within the broader bullish framework.

The invalidation level for this wave structure is set at 1.01773. If the price falls below this level, the current wave scenario will be invalidated, necessitating a reassessment of the market’s technical outlook. This invalidation level is a key reference point for confirming the wave's validity and monitoring the trend’s progression.

Summary

• Bullish Trend: EURUSD is in the early stages of a bullish trend.
• Current Phase: Navy blue wave 1 of gray wave 1 actively in play, marking the start of a new upward cycle.
• Impulsive Structure: The impulsive nature of navy blue wave 1 establishes the trend’s foundation.
• Next Step: Completion of navy blue wave 1 will confirm the continuation, followed by navy blue wave 2 as a corrective phase.
• Invalidation Level: 1.01773 serves as a reference to assess wave progression and ensure structural integrity in Elliott Wave Analysis.

Euro/ U.S. Dollar (EURUSD) 4-Hour Chart

EURUSD Elliott Wave Technical Analysis

• Function: Bullish Trend
• Mode: Impulsive
• Structure: Orange Wave 1
• Position: Navy Blue Wave 1
• Direction (Next Lower Degrees): Orange Wave 2
• Details: Orange wave 1 of navy blue wave 1 as a new trend is in play.
• Wave Cancel Invalidation Level: 1.01773

The EURUSD currency pair is currently experiencing a bullish trend, as identified by Elliott Wave Analysis on the 4-hour chart. The market is in an impulsive phase, represented by orange wave 1, which is part of the larger navy blue wave 1 structure. This phase marks the initiation of a new upward trend, indicating strengthening bullish momentum.

Orange wave 1 is actively developing as the first impulsive wave within navy blue wave 1. This wave is critical in establishing the groundwork for subsequent upward movements in the broader trend. Once orange wave 1 concludes, the next anticipated phase is orange wave 2, expected to act as a temporary corrective pullback before the bullish trend resumes with the development of orange wave 3.

The invalidation level for this wave structure is set at 1.01773. If the price drops below this level, the current wave scenario will be invalidated, requiring a reevaluation of the market's technical outlook. This level is a key reference for confirming the wave's validity and monitoring the bullish trend's progression.

Summary

• Bullish Trend: EURUSD is in the early stages of a bullish trend.
• Current Phase: Orange wave 1 of navy blue wave 1 actively unfolding, signifying the beginning of a new upward cycle.
• Impulsive Structure: The impulsive nature of orange wave 1 sets the stage for the trend’s continuation.
• Next Step: Completion of orange wave 1 will confirm the bullish trend, followed by orange wave 2 as a corrective pullback.
• Invalidation Level: 1.01773 serves as a benchmark for assessing wave progression and maintaining structural integrity in the Elliott Wave analysis.

Technical Analyst : Malik Awais

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