EUR/USD Elliott Wave Analysis - Friday, Feb. 23

EUR/USD Elliott Wave Analysis in 15 Minutes chart

A bullish trend is present in EUR/USD currency pair, 15 minutes chart. The price of EUR/USD currency pair is going to rise up now on a short-term basis to create a Bullish Double Zig Zag corrective Elliott wave pattern and traders should consider taking a possible buy trading chance.

Strong key support level is present at 1.2259 price level which is the originating point of Bullish Impulse wave W leg. In my opinion, price action in EUR/USD currency pair has not completed bullish wave Y corrective Elliott wave pattern. So, based on Elliott wave analysis, Bullish corrective wave Y leg is going to move price up, towards 1.2365 price area in coming trading hours.

Next, price action is most likely going to print a short-term top as well in coming trading hours after completing bullish corrective wave Y pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/USD bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish wave Y leg which is part of the Bullish Double Zig Zag Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 1.2289 price area.

However; if the price action in EUR/USD spot Forex pair breaks below 1.2259 important support level then Bullish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair price movement in fifteen minutes chart. 

(Click on image to enlarge)

EUR/USD Elliott Wave Analysis by

Disclaimer: Forex trading involves significant risk of loss. The high degree of leverage can work against you as well as for you. The possibility exists that you could sustain a loss of some or all ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.