The EUR/USD exchange rate seems to be still consolidating between the two levels. Potential resistance is set by the previous top at 1,1965 and potential support is located at 1,1612 where the possible correction has ended.
According to the Elliott wave theory the market, after the corrective fourth wave, may create an upward movement labeled as a fifth wave. The first potential target is set by the 100% Fibo expansion located at 1,2128.
When the fifth wave is finished the market may create a corrective movement with the potential target at 1,1612.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
According to the Elliott wave theory the market, after the corrective fourth wave, may create an upward movement labeled as a fifth wave. The first potential target is set by the 100% Fibo expansion located at 1,2128.
When the fifth wave is finished the market may create a corrective movement with the potential target at 1,1612.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
