EUR/USD Elliott Wave Analysis: Recovery In Progress

Technical analysis of Forex market

EURUSD is coming down, hitting some resistance now despite worse than expected US NFP report on Friday. EURUSD currency pair has support at daily 50 SMA (Simple Moving Average) around 1.18 level, at the former wave four.

As per Elliott Wave analysis, EURUSD has completed 5 waves move from 1.2266 to 1.1663 level in an impulsive wave structure. Now the EURUSD currency pair is recovering and unfolding wave A/1.

EUR/USD 4h Elliott Wave analysis chart