Elliott wave Analysis: EURUSD and BTCUSD Update

Intermediate

EURUSD looks as it has ended its complex decline, down from September highs as we see all three waves W,X,Y unfolded. Also price made a recovery at the 1.122 level, indicating that wave Y found a low, and that a minimum three-wave reversal to the upside is now in play. In such case, we would expect to see price reach 1.15 level in upcoming sessions, from where a new, temporary pullback may follow. This pullback can be wave 2, which can later look for support and a bounce near the 1.1333 area.

EURUSD, 4h

4h eurusd nov 19 2018

As expected, Bitcoin finally broke out of a triangle in very impulsive fashion, which is actually completely normal in these markets. So, BTC is now approaching our projected target for wave v/5 between 5k-4k region, which should be completed with five sub-waves. As a first triangle measurement target, we see a nice psychological level of 5000, but keep in mind that it may go even lower. However, for now we remain bearish, but any sharp and impulsive bounce back above 6550 would indicate a bullish reversal!

BTCUSD, 4h

4h btcusd nov 19 2018


Latest News

usdjpy
Yen stays strong in risk off scenario

Last Friday’s very weak German Manufacturing Purchasing Managers’ Index data was another blow to the global economic backdrop, with concerns throughout this year of a global slowdown in China, through Asia Pacific and increasingly also in Europe. This has seen riskier asset classes come under negative forces over the past week into latter March, with … Continued

Euro vulnerability

A Euro plunge in the latter part of last week, on Friday driven by very weak German Purchasing Managers’ Index data. Furthermore, the US Dollar has seen broader strength again on Thursday-Friday against many major currencies, after US$ weakness was seen immediately after a far more dovish Federal reserve at their meeting on Wednesday. This … Continued

EURUSD Still stumbles at the 200-day MA

The Euro was the weakest currency on Friday The EURUSD cannot break above to 200-Day Moving Average There may a small bounce on Monday morning As European slides into recession EURUSD will fall to 1.1000 The 200-day moving average (200 DMA) has continued to prove a stubborn barrier to the upward path of EURUSD. This … Continued

Current Market Analysis
Euro breaks down, GBPCAD threatens upside

US Dollar Index holds support and rebounds EURUSD seeds multiple negative signals, downside risks GBPUSD sends buy signal GBPCAD sets up more bullish AUDUSD negative and USDCAD buy signal USDTRY and USDBRL surge

Leave a Reply

Your e-mail address will not be published. Required fields are marked *


Forex Brokers in your location