Image Source: PixabayEURUSD Elliott Wave Analysis Trading Lounge Day ChartEuro/U.S.Dollar(EURUSD) Day ChartEURUSD Elliott Wave Technical AnalysisFUNCTION: TrendMODE: impulsiveSTRUCTURE: orange wave 3POSITION: Navy blue wave 1DIRECTION NEXT LOWER  DEGREES: orange wave 4DETAILS: Orange Wave 2 looking completed, now orange wave may start.Wave Cancel invalid level: 1.05982The EURUSD Elliott Wave Analysis on the day chart provides an in-depth look at the current market trend through the lens of Elliott Wave Theory. The primary function of the observed movement is a trend, indicating a clear directional bias in the market. The mode of this trend is described as impulsive, suggesting a strong, sustained movement in one direction rather than a corrective or sideways phase.The specific wave structure being analyzed is identified as orange wave 3, which is part of a larger sequence starting with navy blue wave 1. This designation indicates that the market is currently experiencing a significant upward movement within the broader trend, marking an essential phase of the impulsive wave series.The current position in this wave sequence is noted as navy blue wave 1, implying that the market is in the early stages of a significant upward trend. This stage signifies the completion of the first major wave in the larger trend sequence, with the market now likely progressing into the third wave of this sequence. In Elliott Wave Theory, the third wave is typically the most powerful and extended, suggesting strong bullish momentum.Key details from the analysis point out that orange wave 2 appears to have completed, indicating that the market has finished a corrective phase and is now poised to start orange wave 3. The initiation of orange wave 3 suggests a robust upward movement, providing a strong directional bias for traders to follow.The wave cancel invalid level is set at 1.05982. This level is crucial as it serves as a threshold that, if breached, would invalidate the current wave count and necessitate a reevaluation of the wave structure. Maintaining above this level is vital for the validity of the current wave count and the expected continuation of the upward trend.In summary, the EURUSD Elliott Wave Analysis on the day chart reveals a strong impulsive trend, particularly in orange wave 3 of navy blue wave 1. The analysis indicates the completion of orange wave 2 and the potential start of orange wave 3, suggesting a strong upward movement. The invalidation level of 1.05982 is critical for maintaining the current wave count, guiding traders in their strategic decisions based on Elliott Wave Theory principles.
EURUSD Elliott Wave Analysis Trading Lounge 4 Hour ChartEuro/U.S.Dollar(EURUSD) 4 Hour ChartEURUSD Elliott Wave Technical AnalysisFUNCTION: TrendMODE: impulsiveSTRUCTURE: orange wave 3POSITION:Navy blue wave 1DIRECTION NEXT LOWER  DEGREES: orange wave 4DETAILS:orange wave 2 looking completed, now orange wave 3 may started.Wave Cancel invalid level: 1.05982The EURUSD Elliott Wave Analysis on the 4-hour chart offers a detailed examination of the current market trend, using the principles of Elliott Wave Theory. The primary function of the observed market movement is identified as a trend, which signifies a clear directional bias in the market. The mode of this trend is classified as impulsive, indicating strong and sustained movement in one direction rather than a corrective or sideways phase.The wave structure under analysis is designated as orange wave 3, which is part of a larger wave sequence beginning with navy blue wave 1. This wave 3 indicates a significant upward movement within the broader trend, suggesting a strong continuation of the current directional move.The specific position within this wave sequence is noted as navy blue wave 1, indicating that the market is in the initial stages of a significant upward trend. This phase suggests that the first major wave in the larger trend sequence has been completed, and the market is now progressing into the third wave of this sequence, which is typically the most powerful and extended wave in Elliott Wave Theory.A critical detail in the analysis is that orange wave 2 appears to have completed, and orange wave 3 may have started. This transition marks the end of the corrective phase and the beginning of a new impulsive move. Orange wave 3’s initiation suggests a robust upward movement, providing a strong directional bias for traders.The wave cancel invalid level is set at 1.05982. This level is essential as it acts as a threshold that, if breached, would invalidate the current wave count and necessitate a reevaluation of the wave structure. Maintaining above this level is crucial for the validity of the current wave count and the expected continuation of the trend.In summary, the EURUSD Elliott Wave Analysis on the 4-hour chart reveals a strong impulsive trend, specifically in orange wave 3 of navy blue wave 1. The analysis indicates the completion of orange wave 2 and the potential start of orange wave 3, suggesting a strong upward movement. The invalidation level of 1.05982 is critical for maintaining the current wave count, guiding traders in their strategic decisions based on the principles of Elliott Wave Theory.Technical Analyst: Malik AwaisSource: Tradinglounge.com More By This Author:Elliott Wave Technical Analysis: Cardano Crypto Price News For Friday, May 31
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