EURUSD closed above 1.3500 figure last week which suggests more upside in this week. The reason for bullish outlook in the short-term is a sharp rally from 1.3320 low which appears to be a third leg within a third based on the personality of the move. Recently a third leg has stopped in 1.3565 so we suspect that current contra-trend movement is wave iv) that could look for completion around the upper trendline of a base channel. Keep in mind that larger trend is up and that uptrend could resume soon into wave v) of (iii) towards 1.3620. This outlook remains valid as long as 1.3384 level is not breached.
EURUSD 4h Elliott Wave Analysis
Written by www.ew-forecast.com | Try EW-Forecast.com’s Services Free For 7 Days at http://www.ew-forecast.com/service
