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10.12.201918:58 Forex Analysis & Reviews: Short-term Elliott wave analysis on EURUSD

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EURUSD has most probably finished its pull back and corrective move at the 1.1039 where we expected wave C to end. Price is now bouncing higher breaking short-term resistance. Recapturing 1.11 is key for moving higher towards our next target of 1.1160.

Blue rectangle- short-term resistance

Red rectangle- short-term support

EURUSD is trading near 1.11 as price has broken short-term resistance. After a 5 wave upward movement and a three wave pull back, we expect price to start another 5 wave impulsive move higher breaking above recent highs.

Green lines - equal size upward move

EURUSD is expected to move towards 1.1160 as long as price is above 1.1055. We expect price to move in equal size to the first leg higher targeting 1.1160 area. Short-term trend remains bullish as price continues to make higher highs and higher lows.

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