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Short-term Elliott Wave View suggests $EURUSD ended wave 1 rally at 1.11395. The pair is now doing wave 2 pullback to the correct cycle from 10.03.2023 low. Wave 2 is subdivided into a zigzag Elliott Wave structure. Zigzag is a 5-3-5 structure with ABC as the label. Wave A and C in zigzag subdivide into 5 waves as the chart of EURUSD shows. Down from wave 1, wave (i) ended at 1.10434, and rally in wave (ii) ended at 1.10808. The pair then resumes lower in wave (iii) towards 1.0892 and wave (iv) rally ended at 1.0972. The final leg down wave (v) ended at 1.0876 which completed the first leg of the zigzag wave ((a)).

Wave ((b)) rally ended at 1.1 with internal subdivision as a zigzag to a lesser degree. Up from wave ((a)), wave (a) ended at 1.0999, wave (b) ended at 1.0909, and wave (c) higher ended at 1.099. This completed wave ((b)) to a higher degree. Pair has resumed lower in wave ((c)). Down from wave ((b)), wave i ended at 1.0929, and wave ii ended at 1.0987. Wave iii lower ended at 1.08729 and wave iv ended at 1.0898. Expect wave v lower to end soon which should complete wave (i). The pair should then rally in wave (ii) to correct the cycle from 1.11.2024 high in 3, 7, or 11 swings before the pair resumes lower. Near term, as far as the pivot at the 1.099 high stays intact, expect the rally to fail in 3, 7, and 11 swings for further downside.

EURUSD 60 Minutes Elliott Wave Chart

EURUSD Elliott Wave Video

Video Length: 00:04:18

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