EURUSD 20th June, 2019

As expected the euro moved toward the upside, reached both of our targets, and then exceeded the second target by 33 pips.

I had mentioned before how complex these kinds of correction can get, and the recent rally isn’t clear enough to lock us onto a high-probability count. In turn, while I’ve tried to mark the most common areas of support and resistance for this general pattern, I still have to wait for more price action before I can submit an official interpretation.

Synopsis:

Price should oscillate between the resistance at 1.1347 and the support at 1.1180. It’s likely that there will be a measure of support at 1.1232, and that the entire oscillation may end somewhere between 1.1283 and 1.1311.

Hourly Main Count
– Invalidation Point: 1.1347 – 1.1180
– Confirmation Point: –
– Upward Target: 1.1283 – 1.1311
– Wave number: Minute b
– Wave structure: Corrective
– Wave pattern: Zigzag, Flat, Triangle, or Combination

Elliott Wave chart analysis for the EURUSD for 20th June, 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) is forming a leading diagonal labeled blue waves 1 through 5.

Blue wave 3 formed a zigzag labeled pink waves a, b and c.

Blue wave 4 also formed a zigzag labeled pink waves a, b and c.

Blue wave 5 is likely also forming a zigzag labeled pink waves a, b and c.

This count expects the euro to move toward the downside in blue wave 5 to complete black wave (1). This would be confirmed by moving below 1.1106.

At 1.1077 blue wave 5 would reach 38.2% the length of blue wave 3.

This wave count would be invalidated by movement above 1.1347 as pink wave b of this zigzag may not move beyond the start of pink wave a.

Main Hourly Wave Count

This main hourly count sees that pink wave a is complete and pink wave b is unfolding.

B-waves can assume any corrective pattern, simple or complex, and the recent rally isn’t clear enough to lock us onto a high-probability count. In turn, while I’ve tried to mark the most common areas of support and resistance for this general pattern, I still have to wait for more price action before I can submit an official interpretation.

This wave count expects the euro to oscillate between the resistance at 1.1347 and the support at 1.1180. It’s likely that there will be a measure of support at 1.1232, and that the entire oscillation may end somewhere between 1.1283 and 1.1311.

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