EURUSD Forex Elliott Wave Technical Analysis - Friday, September 13

By Peter Mathers of TradingLounge

Friday, September 13, 2024 6:19 AM EDT

EURUSD Elliott Wave Analysis Trading Lounge Day Chart

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

EURUSD Elliott Wave Technical Analysis

Function: Trend
Mode: Impulsive
Structure: Orange Wave 5
Position: Navy Blue Wave 3
Next Lower Degrees: Navy Blue Wave 4
Details: Orange Wave 4 appears completed, and now Orange Wave 5 is in progress.

Cancel Invalid Level: 1.10009

The EURUSD Elliott Wave Analysis on the day chart indicates a trending market. The current mode of the market is impulsive, meaning the price is moving strongly in one direction. The key structure being observed is Orange Wave 5, which suggests a continuation of the current upward trend.

At this point, the market is in Navy Blue Wave 3, and there is an expectation of a shift into Navy Blue Wave 4, a lower degree wave.

Detailed Analysis

The analysis shows that Orange Wave 4 seems to be completed, signaling the start of Orange Wave 5. This suggests that the price movement is likely to remain upward as the impulsive wave progresses. However, if the market falls below the invalidation level of 1.10009, this could indicate an error in the wave count, leading to a reanalysis of the structure.

This analysis is based on Elliott Wave Theory, which forecasts future price movements by analyzing past patterns and cyclical wave structures. The completion of Wave 4 is leading to expectations of further upward momentum in Wave 5, signaling continued bullish momentum for the EURUSD pair in the near term.

(Click on image to enlarge)

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

EURUSD Elliott Wave Technical Analysis

Function: Trend
Mode: Impulsive
Structure: Orange Wave 5
Position: Navy Blue Wave 3
Next Lower Degrees: Navy Blue Wave 4
Details: Orange Wave 4 appears completed, and now Orange Wave 5 is in progress.

Cancel Invalid Level: 1.10009

The EURUSD Elliott Wave Analysis for the 4-hour chart shows that the market is in an impulsive trend. The main focus is on Orange Wave 5, with the current position in Navy Blue Wave 3, indicating strong upward momentum characteristic of this phase.

Detailed Analysis

Orange Wave 4 has likely been completed, and the market has shifted into Orange Wave 5, marking the end of the corrective phase and continuing the upward push. As Wave 5 progresses, the expectation is for further bullish movement in the EURUSD pair.

After the completion of Orange Wave 5, the market is expected to move into Navy Blue Wave 4, a corrective phase. This indicates that the upward movement could slow down once Wave 5 is fully realized.

The wave cancellation level for this analysis is 1.10009. If the price falls below this level, it would invalidate the current wave count and require a reanalysis of the market structure. As long as the price stays above this level, the bullish trend driven by Wave 5 is expected to continue.

Summary

In conclusion, the 4-hour chart analysis for EURUSD shows that the market is in the final impulsive phase of Orange Wave 5, following the completion of Wave 4. The upward trend is expected to persist unless the price falls below the invalidation level of 1.10009.

(Click on image to enlarge)