EUR/USD Elliott Wave Analysis in 15 Minutes chart
Bullish trend is present in EUR/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, during my daily Forex Live Trading Room session, the price of EUR/USD currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.
Strong key support level is present at 1.1779 price level which is the originating point of Bullish Impulse wave i leg. In my opinion, price action in EUR/USD currency pair has not completed bullish wave iii impulse Elliott wave pattern. So, based on Elliott wave analysis, Bullish Impulse wave iii leg is going to start after few hours time and I expect the market to first move lower to complete the corrective bearish Zig Zag wave ii leg and then resume an uptrend to rise towards 1.1860 price area in coming trading hours.
Next, price action is most likely going to prints a short-term top as well in coming trading hours after completing bullish Impulse wave iii pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/USD bullish trend as it is always easy to trade in the favor of market trend. Currently, bullish wave iii leg which is part of the Bullish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an uptrend around 1.1795 price area.
However; if the price action in EUR/USD spot Forex pair breaks below 1.1779 important support level then Bullish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair price movement in fifteen minutes chart.
