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

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