Image Source: Unsplash
 EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 10 November 2023Euro/U.S.Dollar(EURUSD) Day ChartEURUSD Elliott Wave Technical AnalysisFunction:  Counter TrendMode: corrective  Structure: Z of XPosition: wave 2/BDirection Next lower Degrees: Red wave Y(started)Details: black wave Z of red wave X  looking completed at 1.07563. Now looking for red wave Y of 2/B. Wave Cancel invalid level: 1.07563The “EURUSD Elliott Wave Analysis Trading Lounge Day Chart” dated 10 November 23, offers a detailed examination of the Euro/U.S. Dollar (EURUSD) currency pair on a daily timeframe. Utilizing Elliott Wave analysis, the report aims to provide traders with insights into potential price movements, particularly focusing on the dynamics of medium to long-term trends.Identifying the market’s “Function” as “Counter Trend” implies that the current price movement is against the prevailing trend. This information is crucial for traders as it suggests a potential reversal or correction in the market.Characterizing the “Mode” as “Corrective” indicates that the market is likely undergoing a temporary price correction rather than a sustained trend. Corrective phases often precede or follow impulsive waves, offering traders opportunities to position themselves for potential trend resumptions.The “Structure” is identified as “Z of X,” suggesting that the market is in the final phase of a complex correction. “Z” waves in Elliott Wave theory typically represent the terminal part of a correction.The “Position” is recognized as “wave 2/B,” indicating a critical point within the corrective structure. “B” waves are often counter trend movements within a correction, signaling a potential reversal.In terms of the “Direction Next lower Degrees,” the analysis indicates “Red wave Y (started),” suggesting that the broader trend might be resuming after the completion of the current corrective structure.The detailed aspect of “Details” mentions that “black wave Z of red wave X” is potentially completed at 1.07563. The analysis is now looking for “red wave Y of 2/B,” which implies anticipation of the next wave in the corrective structure.The “Wave Cancel invalid level” is highlighted at 1.07563. A breach of this level might indicate a shift in the anticipated market structure, prompting traders to reevaluate their positions.In conclusion, the EURUSD Elliott Wave Analysis on the Day Chart suggests a Counter Trend scenario with a Corrective Mode, specifically in the final phase of a complex correction (Z of X). Traders should closely monitor confirmation and invalidation levels for well-informed decision-making.Technical Analyst: Malik AwaisMore By This Author:Elliott Wave Technical Analysis: Tesla Inc. – Thursday, Nov. 9
Elliott Wave Technical Analysis Day Chart: U.S. Dollar/Japanese Yen – Thursday, Nov. 9
4-Hour Chart Elliott Wave Technical Analysis: USDJPY – Thursday, November 9