Euro/ U.S. Dollar (EURUSD) Daily Chart AnalysisEURUSD Elliott Wave Technical Analysis
Analysis OverviewThe EURUSD Elliott Wave analysis on the daily chart provided by Trading Lounge identifies a counter-trend movement in the Euro against the U.S. Dollar. This analysis highlights the ongoing development of navy blue wave 3, which is part of the impulsive wave structure and positioned as gray wave C. This setup suggests a potential counter-trend within the broader market context.While this is classified as a counter-trend scenario, the impulsive nature of navy blue wave 3 indicates ongoing momentum, with price fluctuations anticipated as this wave progresses.Wave Details
Key Level: Invalidation ThresholdAn invalidation level is identified at 1.08263, serving as a pivotal reference point for traders. If the EURUSD price reaches or drops below this threshold:
This threshold is a crucial marker for confirming the integrity of the ongoing counter-trend setup.Summary and RecommendationsThe analysis projects a counter-trend outlook for EURUSD, with navy blue wave 3 actively evolving within the impulsive structure of gray wave C. Traders should monitor price action closely concerning the invalidation level at 1.08263, as any break below this level could challenge the current structure. Observing this key point is essential for validating the counter-trend wave framework.Euro/ U.S. Dollar (EURUSD) 4-Hour Chart AnalysisEURUSD Elliott Wave Technical Analysis
Analysis OverviewThe EURUSD Elliott Wave analysis on the 4-hour chart from Trading Lounge identifies a bearish trend in the Euro against the U.S. Dollar. The impulsive wave structure highlights the active development of orange wave 3, situated within the larger navy blue wave 3. This configuration underscores sustained downward momentum in EURUSD and supports a bearish outlook as the wave structure progresses.Wave Details
Key Level: Invalidation ThresholdA critical invalidation level is identified at 1.08263. If EURUSD reaches or exceeds this level:
This invalidation level is vital for confirming the integrity of the ongoing downtrend. Any movement above it could indicate a shift or potential reversal in the trend.Summary and RecommendationsThe analysis reinforces a bearish outlook for EURUSD, with orange wave 3 advancing within navy blue wave 3 to maintain downward momentum. Traders should closely monitor price action concerning the invalidation level at 1.08263, as a move above this level could challenge the current bearish structure. This threshold is a key point for validating the continuation of the ongoing bearish pattern.Technical Analyst: Malik AwaisMore By This Author:Elliott Wave Technical Analysis: Dogecoin Crypto Price News For Thursday, Nov 14
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