EUR/USD Elliott Wave Analysis: Be Aware of Reversal

Technical analysis of Forex market

EURUSD came below 1.1524 last week after a corrective B) wave rises to the channel resistance line. We expected that drop into C) which can be now the final stages of wave 5 that belongs to a higher degree ending diagonal.

As such, we are aware of a reversal, but any change in trend can be confirmed only if the upper line of a wedge is broken, plus an impulse back to 1.1690. So for a change in trend is still too early, especially if also current price action since the start of November would be slow; then this can also be a triangle in sub-wave B).

EUR/USD 4h Elliott Wave analysis