For Traders

Analytical Reviews

Wave analysis

24.05.202206:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD on May 24, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD has now broken above minor resistance at 1.0642 which was the first good indication that circular wave 2 has completed and circle wave 3 now is ready to take over for the next impulsive rally towards 1.3939. Of course, we would like to see even more evidence that circular wave 3 has taken over and a break above 1.0757 will be another good indication that this is in fact the case.

Short-term we see support at 1.0533 that ideally will be able to protect the downside, but only a break below 1.0350 will invalidate our bullish scenario.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.