EURUSD Analysis

EURUSD 1HR

EURUSD has completed a 5 wave down move and is in a strong downtrend following the hawkish tone of the Fed interested rate statement, which boost sentiments of a possible rate hike in December.

Expecting the EURUSD to rally to around 1.1195 which represents the 50 Fibonacci level of the 5 wave down move before falling. The 1.1177 level represents a possible C extension of the recent AB price swing, hence the 1.117-1.119 is a key price area to watch for price action. However a key resistance level to watch is the 1.1100 level, if prices fail to close above this level expect lower prices

EURUSD Analysis

EURUSD 1Hr

The EURUSD has broken a long term down trend line and is currently at the 1.41 retracement level of the XA price swing. The EURUSD as also completed 3 waves of a potential 5 wave up move. Prices are expected to retrace to around the 1.1312 level completing wave 4 before rising to retest the highs.

The key level to watch is the 1.1378 price level as this level represents the 1.41 retracement of the Gartley XA leg and the 2.24 retracement of the Gartley BC leg. The 1.1378 price level also represents the potential end of the third wave and it is the 1.618 extension of wave (i). Expecting prices to fall to around 1.1312 before rising. If prices however, fall below 1.1284 expect lower prices.