- The EURUSD is successfully holding the 1.0 USD level. This is indeed a significant psychological level, and we haven’t seen any weekly or monthly candles that closed below this level.
- On the RSI indicator, we have a bullish divergence on this daily chart , and we also have another triple bullish divergence on the weekly chart as well! So, if you like divergences, this is definitely your cup of tea.
- As per my Elliott Wave analysis, this huge downtrend should be over (or 1 last wave to the downside), and that’s why I expect a corrective move to the upside (ABC correction). Let’s see how big this upcoming retracement is going to be.
- On the daily chart , we can spot a beautiful descending parallel channel , and if you prefer to wait for confirmation of my bias, then you can wait for the channel to breakout.
- As you can see on the chart, we had 2 fakeouts during this downtrend, which indicated a corrective move. Usually, the third breakout is real!
- The profit target is at 0.618 FIB + the start of wave 4.
EURUSD – The downtrend is at the end! Elliott Wave + Channel
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.