EUR/USD Elliott Wave
Yesterday we presented a weekly EUR/USD wave count and today we want to bring that count to the smaller time frame for intraday traders. Yesterday during the European session we could observe an ascending movement from 1.2320 towards the 1.2368 level. Therefore, during the New York session this major pair did not manage to hold this level and the price started pushing lower. At the moment the EUR/USD pair is developing impulsive 3 wave (coloured purple) of the bigger A wave (coloured blue) and we are expecting to see the price around 1.2500 today. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.2240-1.2385-1.2255), with Take Profit at 1.2488 (161.8% of wave 1). To reduce the risk, we can use support point at 1.2380 as Stop Loss.
Support and Resistance
(S3) 1.2263 (S2) 1.2291 (S1) 1.2308 (PP) 1.2336 (R1) 1.2364 (R2) 1.2381 (R3) 1.2409
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2405 with Stop Loss 1.2380 and Take Profit 1.2488 are recommended.