Elliott wave Analysis: USDSGD and EURUSD Update

Intermediate

USDSGD made a big, bullish recovery at the end of 2017, and in 2018. We can see that price found a top for this five-wave rally near the 1.3900 region, from where a new impulsive (five-wave) structure has followed. We labelled it as wave A, which can now be followed by a temporary pullback as wave B. Once wave B fully develops, that is when final wave C may follow, and take price towards the 1.343/1.332 region, where Fibonacci ratios of 50.0 and 61.8 can react as support, and push prices higher. A new impulsive rally, in five waves, and above the 1.377 level would confirm a completed correction, and more upside.

USDSGD, Daily

daily usdsgd

Looking at EURUSD chart, we can clearly see a three-wave decline only, but only a strong rise back above 1.1355 would confirm a bullish turn. Be aware of a minimum three-wave rally in upcoming sessions.

EURUSD, 1h

intra-day eurusd

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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