Daniel_Kostecki

EUR/USD - possible larger correction

FX_IDC:EURUSD   유로 / 미국 달러
The EUR/USD exchange rate has been creating each movement according to the Elliott wave theory. Everything started in March when the dollar appreciation ended. Since then the euro has been strengthening and has created the potential Elliott wave structure known as an impulse wave which consists of 5 waves.

It seems that the wave 5 has ended and currently the market is trying to create larger correction. It could be confirmed by the breakout of a key lower limit within an upward channel near 1,2050. If it is broken we could expect a downward movement to the bottom of wave 4 at 1,1612.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

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