As expected the euro first effected a modest downward correction, before it’s begun to resume its larger corrective advance.
By moving above 1.1285, price should move upwards to reach between 1.1294 and 1.1330, while remaining above 1.1192 and ideally above 1.1237.
Hourly Main Count
– Invalidation Point: 1.1237 – 1.1192
– Confirmation Point: 1.1285
– Upward Target: 1.1294 – 1.1330
– Wave number: Minute (c)
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 12th July 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.
Pink wave b formed an impressively expanded flat and pink wave c formed an impressively strong impulse.
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 1.1180.
At 1.1106 blue wave 5 would reach the low of blue wave 3, then at 1.1057 it would reach 50% of its length.
Price should meet strong resistance around 1.1411.
Main Hourly Wave Count
This main hourly count sees that pink wave b is forming a zigzag labeled green waves (a), (b) and (c).
Green wave (a) formed an impulse labeled orange waves i through v.
Green wave (b) formed a zigzag/flat labeled orange waves a, b and c. It retraced 50% of green wave (a), and it’s very likely complete.
This wave count expects the euro to move toward the upside in green wave (c) to complete pink wave b. This would be largely confirmed by movement above 1.1285.
At 1.1294 green wave (c) would reach 61.8% the length of green wave (a), then at 1.1330 it would reach 100% of its length.
This wave count would be invalidated by movement below 1.1192 as green wave (b) of this zigzag may not move beyond the start of green wave (a). However, if green wave (b) is indeed complete, price will find unbreakable support above 1.1237.