Though EURUSD and Ethereum prices have fallen recently, the Elliott wave forecasts hints at rallies looming nearby.
The video above is a recording of a US Opening Bell webinar from November 25, 2019. We focused on the Elliott wave patterns for key markets such as EUR/USD, DXY, GBP/USD, USD/JPY, S&P 500, Ethereum and Bitcoin.
Though EUR/USD feel for the past several days, this corrective behavior is not unusual within the context of a larger rally. We published last week that EURUSD may move to 1.15 in the near term. EUR/USD is either falling in a small degree wave 2 or in a wave ‘c’ to finish off a larger degree wave 2. Either way, a rally may be searching for its footing from 1.1010 to 1.0950.
If this rally does develop, higher levels above the initial 1.15 target may be in play. Depending on how the structure unfolds, we could see EUR/USD eventually trade up to 1.18 and possibly new highs above 1.25.
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