EUR/USD Update (September 1, 2021)
EUR/USD completed 5 waves up and managed to reach the 100% Fibonacci Extension from wave 2 to wave 3 to wave 4 according to the Elliott Wave Principle.
Since it rejected the 100% Fibonacci Extension and didn't manage to break it, I expect to see an ABC correction to the downside before continuing its way up.
Our first target will be the previous wave 4 of wave 5 (1.1780). Breaking it will push EUR/USD to retest the big previous wave 4 at 1.1720 as our second target.
Not breaking the previous wave 4 after reaching it, we will then see a new bullish intermediate cycle to the upside towards 1.19000.
From a fundamental perspective, ADP Non-Farm Employment Change and ISM Manufacturing PMI could push DXY for an upside correction leading EUR/USD to drop for a little retest.
Since it rejected the 100% Fibonacci Extension and didn't manage to break it, I expect to see an ABC correction to the downside before continuing its way up.
Our first target will be the previous wave 4 of wave 5 (1.1780). Breaking it will push EUR/USD to retest the big previous wave 4 at 1.1720 as our second target.
Not breaking the previous wave 4 after reaching it, we will then see a new bullish intermediate cycle to the upside towards 1.19000.
From a fundamental perspective, ADP Non-Farm Employment Change and ISM Manufacturing PMI could push DXY for an upside correction leading EUR/USD to drop for a little retest.
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لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.