After an 8-pip decline below the previous low at 1.1117, the euro moved as expected toward the upside and passed our initial confirmation point at 1.1162 by 11 pips. During all of this, momentum showed consistent bullish bias on the MACD. All in all, this leaves our count almost exactly the same.
By moving above 1.1173, price should move higher to reach between 1.1223 and 1.1261, while remaining ideally above 1.1109.
Hourly Main Count
– Invalidation Point: 1.1109
– Confirmation Point: 1.1173
– Upward Target: 1.1223 – 1.1261
– Wave number: Minuette (i)
– Wave structure: Motive
– Wave pattern: Impulse or Leading Diagonal
Elliott Wave chart analysis for the EURUSD for 26th April, 2019. Please click on the charts below to enlarge.
Main Daily Wave Count
This main daily count sees that the euro is moving toward the downside in an impulse labeled black waves (1) to (5).
Black wave (1) formed a leading diagonal labeled blue waves 1 through 5. It’s either complete or very near completion.
Black wave (2) is (or will be) likely forming a zigzag labeled blue waves A, B and C.
Blue wave A is likely forming an impulse labeled pink waves i through v.
This count expects the euro to start moving toward the upside in pink wave i. This would be largely confirmed by movement above 1.1261.
At 1.1323 pink wave i would reach the start point of the preceding pink wave c.
Once price moves above our confirmation point, we may place an invalidation point at the end of pink wave c, which currently stands at 1.1117.
Main Hourly Wave Count
This main hourly count sees that pink wave i is likely forming an impulse labeled green waves (i) through (v).
This wave count expects the euro to move toward the upside in green wave (i). This would be somewhat confirmed by movement above 1.1173.
At 1.1223 green wave (i) would reach the end point of the previous orange wave ii, then at 1.1261 it would reach the start point of the preceding green wave (v).
Once price moves above our confirmation point, we may place an invalidation point at the end of green wave (v), which currently stands at 1.1109.