Eurusd

Eurusd Intraday Analysis

Thursday 6th August 2015.

4 hour chart of Eurusd

 

Price advanced from 1.044 in a characteristic corrective pattern. A double zigzag correction looks likely to 1.175 and 1.23 price levels, after which the bearish trend could resume in a journey that could break 1.044 and below.

Presently, the second leg of the double zigzag [X] has almost completed a triangle pattern which is expected to break upside to confirm this forecast.

On the lower time frame, the last leg [E] of the triangle is about completing a zigzag which could take price to 1.081 (and if price is contained above it or a fast undershoot) for the last leg of the minute 5th wave c leg of the zigzag. There could be a rally to break the triangle upside especially if 1.094 gives way and provided that price doesn't break 1.081 in high momentum.



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15min chart of Eurusd

MONDAY 12TH AUGUST,2015.

Enlarge the chart above 

The last leg of the triangle which was expected to stay above 1.081 appears to be a clear double zigzag correction which is as good as expected. The triangle formation is now complete. A convincing break above 1.0992 and the eventual break of 1.1115 should start a new impulse wave to 1.1730.

THURSDAY, 13TH AUGUST, 2015 

We got a convincing break above 1.0992 which confirmed the completion of the triangle pattern. Price has since rallied to 1.200 ( I took some some profit- 180pips). Final target still remains 1.1730


FRIDAY, 14TH AUGUST, 2015 

The chart above shows the price move that broke the triangle upside. It's a clear impulse wave, just as expected. The fifth wave of this move could be completed at 1.1302 where a major intra day correction could surface.

Price would make us re-count if it is contained below 1.2135 and breaks below the 4th wave ( this will indicate that intra day price movement has peaked and the correction has started). Until then, the bulls are still winning and I am with them from 1.100


TUESDAY 18TH AUGUST 2015 

The 4th wave (presently at 38.2% ret of wave 3) seems to take more time to form in a typical zigzag pattern.
If this wave count will be valid, price should respond from this level in an upward move to probably 1.30.
A further dip below 1.1 would ask for an alternative analysis.


THURSDAY, 20TH AUGUST, 2015.

Before the close of trade on 18th August, price dipped further but was maintained above 1.1 (as expected) for a hope of more bullish run. This deeper run stretched the 4th wave in an unusual manner in price and time. This may not be a typical impulse break out of a triangle.

The run from 1.0801 is more corrective than impulsive ( at the moment ) and the bullish run may not last long. The last leg of the perceived double zigzag from 1.0801 should break 1.1209 and contained at 1.3840-50

MONDAY,  24TH AUGUST, 2015

The last paragraph of the last update goes thus:

"The run from 1.0801 is more corrective than impulsive ( at the moment ) and the bullish run may not last long. The last leg of the perceived double zigzag from 1.0801 should break 1.1209 and contained at 1.3840-50 "

Price has fulfilled this and presently at 1.1385.

A dip could happen at this level. The longer degree elliot wave analysis is shown in the chart below

 

If the advance does not continue to 1.16-17, price should be contained below 1.14 and followed by a dip in a zigzag formation.

The chart below shows the intra day analysis

A break below 1.13304 could trigger an intra day sell opportunity or a conservative sell entry at 1.2268

TUESDAY, 25TH AUGUST, 2015

After the last update, price never traded close to 1.1330. The fact that price wasn't contained below 1.14 showed that the earlier targets can still be reached.

Price broke out of the triangle and is advancing in what should be an impulse wave. the 4th wave dip is expected before  price advance to targeted reversal zones.

THURSDAY, 27TH AUGUST, 2015.

Over the week, price has reached our forecast target at 1.6-1.7 and immediately reacted there as it dipped in what looks like a correction. 

The alternate medium-term triangle projection did not hold and we can still stay with our original forecast of a {WXY} double zigzag correction of the bearish move that ended at 1.045 in March.

After price broke out of the triangle as shown by the chart above, we should expect price to move in a zigzag/double zigzag/triple zigzag  pattern or perhaps a 5-wave impulse.

At this moment, the double zigzag seems to be the most probable. Price broke out of the triangle to complete the first zigzag (a,b,c in red) retraced another zigzag in blue and is now expected to complete the double zigzag by advancing upward in another zigzag which should break above 1.17.

The 15minutes chart above shows the X leg of the expected double zigzag clearly. This move itself is a zigzag pattern.

If price from this level, breaks above 1.1436, we should be expecting a new high provided price stays above 1.12.

I will enter a buy order at 1.145 if the last statement is satisfied and targeting 1.20-24

FRIDAY, 28TH AUGUST, 2015

We had a zigzag corrective pattern to trade yesterday, but price was not committed to it as it dipped further but still maintain our 1.12 barrier. Price did not get to 1.145 where I had a buy order.

A look at the chart below shows that price still maintains the 1.12 mark in a complete double zigzag pattern.

A break above 1.1374 will confirm the continuation of the bullish move. Price will be expected to stay above 1.12 and rally above 1.17.