Euro/U.S. Dollar (EURUSD) Day ChartEURUSD Elliott Wave Technical AnalysisFUNCTION: Trend
MODE: Impulsive
STRUCTURE: Orange Wave 3
POSITION: Navy Blue Wave 3
DIRECTION NEXT LOWER DEGREES: Orange Wave 4
DETAILS: Orange Wave 2 appears completed, with Orange Wave 3 now unfolding.
Wave Cancel Invalid Level: 1.09482The EURUSD daily chart has been analyzed using the Elliott Wave theory, revealing that the market is currently in a robust upward trend. The primary pattern identified in this analysis is the Orange Wave 3, an impulsive wave indicating a significant and sustained upward movement. This wave is part of a larger structure, positioned within Navy Blue Wave 3, which further underscores the strong bullish momentum in the market.Prior to the initiation of Orange Wave 3, Orange Wave 2 was in play, typically serving as a corrective wave within the Elliott Wave structure. Wave 2 usually represents a retracement or temporary price decline following the initial rise of Wave 1. The completion of Orange Wave 2 indicates that the market has resumed its upward movement, leading to the development of Orange Wave 3.With Orange Wave 2 now complete, Orange Wave 3 is currently unfolding and is anticipated to continue driving the market higher. The analysis also suggests that after Orange Wave 3 concludes, the market will likely enter Orange Wave 4, representing the next corrective phase.A crucial element of this analysis is the wave cancel invalid level, set at 1.09482. This level is critical; a break below it would invalidate the current Elliott Wave count, possibly indicating a change in market direction or necessitating a reevaluation of the wave structure.In summary, the EURUSD daily chart indicates a strong impulsive upward trend, with Orange Wave 3 currently in progress following the completion of Orange Wave 2. The market is expected to maintain its upward trajectory, with the wave cancel invalid level at 1.09482 serving as a key point to monitor for any potential changes in the Elliott Wave analysis. 
Euro/U.S. Dollar (EURUSD) 4 Hour ChartEURUSD Elliott Wave Technical AnalysisFUNCTION: Trend
MODE: Impulsive
STRUCTURE: Gray Wave 3
POSITION: Orange Wave 3
DIRECTION NEXT LOWER DEGREES: Gray Wave 4
DETAILS: Gray Wave 2 appears completed, with Gray Wave 3 now unfolding.
Wave Cancel Invalid Level: 1.09482The EURUSD 4-hour chart has been analyzed using Elliott Wave theory, indicating that the market is currently experiencing a strong upward trend. The primary wave structure identified is Gray Wave 3, which is impulsive in nature, signifying a robust and sustained movement in the upward direction. This Gray Wave 3 is part of a larger structure, specifically within Orange Wave 3, further reinforcing the significant bullish momentum in the market.Prior to the current phase of Gray Wave 3, the analysis suggests that Gray Wave 2 has completed its corrective movement. In Elliott Wave theory, Wave 2 typically represents a retracement or pullback following the initial advance of Wave 1. The completion of this corrective phase suggests that the market has resumed its upward trajectory with the initiation of Gray Wave 3, which is usually associated with strong, decisive price movements.With Gray Wave 2 now complete, Gray Wave 3 has begun to unfold, signaling the continuation of the market’s upward trend. This wave is expected to continue driving the market higher as it progresses. The analysis also anticipates the direction of the next lower degrees, indicating that after Gray Wave 3 concludes, the market will likely transition into Gray Wave 4, representing the next corrective phase.A critical component of this analysis is the wave cancellation invalid level, set at 1.09482. This level is a key point; a breach below it would invalidate the current Elliott Wave count, potentially signaling a change in market direction or necessitating a reassessment of the wave structure.In summary, the EURUSD 4-hour chart is in an impulsive upward trend, with Gray Wave 3 currently unfolding following the completion of Gray Wave 2. The market is expected to maintain its upward momentum, with the invalidation level at 1.09482 being a crucial point to monitor for any potential changes in the wave analysis. 
Technical Analyst : Malik AwaisSource : Tradinglounge.com get trial here!More By This Author:Elliott Wave Technical Analysis: HCLTech
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