Wave Summary: We are going nowhere here. We have consolidated within the 1.5016 – 1.5266 area for the week now. Hopefully, this cross is building up energy to make a break for a firm test and likely breach above the ending diagonal resistance line near 1.5450 that will confirm a return to the origin of […]

Wave summary: We continue to look for a break above minor resistance at 117.49 to confirm more upside pressure towards 118.59 and 122.00 as the next upside targets. A clear break above 117.49 will also mean a clear break above the pitchfork mid-line and give us a 80% likelihood of a continuation higher to the […]

Wave summary: We are once again going nowhere. Our preferred count shows that an ending diagonal completed with the test of 1.4812 and a new impulsive rally now is building, but we need a break above 1.5246 to confirm a strong test of the ending diagonal resistance line near 1.5500 and only above here will […]

Wave summary: After a backtest of the broken resistance line, that is now acting as support, a continuation higher to 118.60 is expected. A break above resistance at 117.49 will confirm the rally higher to 118.60 and possibly even higher to 122.00. Ideally support at 116.22 will continue to act as a floor for the […]

Wave summary: We continue to look for more upside towards the ending diagonal resistance line near 1.5450 and above here will call for a return to the origin of the ending diagonal at 1.5834 and above. Short term, we expect support at 1.5010 to act as a floor for a rally above minor resistance 1.5195 […]

Wave summary: We have finally seen the expected break above important resistance at 116.28 calling for more upside towards 118.60 and 122.00 as the next upside targets. Short term, support is now seen at 116.79 and again near 116.28. A break below former important resistance, which now acts as support, will be confusing, but only […]

Here’s What Makes Elliott Waves a Useful Forex Tool Some Elliott wave forex traders do watch the news — but for different reasons By Elliott Wave International Last Friday, EURUSD rallied strongly. Said Reuters: “The U.S. dollar tumbled against a basket of major currencies…on U.S. political uncertainty after the FBI said it would review more […]