Elliott Wave View: EURUSD Correction Maybe Completed

Short term Elliott Wave View suggests that EURUSD ended wave ((4)) pullback at 1.1834. Internal of wave ((4)) unfolded as a zigzag Elliott Wave structure where wave (A) ended at 1.1951, wave (B) ended at 1.2243, and wave (C) ended at 1.1834. Wave ((5)) higher is now in progress as an impulse structure but pair still needs to break above wave ((3)) on January 6 at 1.2349 to avoid a deeper pullback.

Up from wave ((4)) low, short term rally looks impulsive where wave ((i)) ended at 1.1915, and wave ((ii)) pullback ended at 1.1867. Pair then resumed higher in wave ((iii)) towards 1.199, and wave ((iv)) pullback is now in progress before pair turns higher again in wave ((v)) to complete wave 1 in larger degree. Afterwards, pair should pullback in wave 2 to correct cycle from March 9 low before the rally resumes. As far as pivot at 1.1834 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. Minimum target to the upside for wave ((5)) is the external 123.6 – 161.8% Fibonacci retracement of wave ((4)) which comes at 1.247 – 1.267.

EURUSD 45 Minutes Elliott Wave Chart