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20.03.2023 07:02 AM
Elliott wave analysis of EUR/USD for March 20, 2023

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EUR/USD is in a position where we have two possible scenarios. We could have seen the low of wave 4 with the failure spike down to 1.0542, our preferred count. If this is the case, we should soon see a clear break above resistance at 1.0760 for a rally towards 1.1248 and above.

However, the alternative count shows that wave B only is nearing its completion and will be followed by a new low below 1.0542 once wave B is complete. This is not our preferred count, but at the time, we can't exclude this alternative scenario.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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