Elliott Wave Analysis & Forecast, EURUSD, Weekly, 8th April, 2021




EURUSD has been moving lower to test previous bottom @1.0505 in red wave 2, this red wave 2 is composed of simple zigzag in blue abc where the blue wave c is further composing of red 5 waves (i, ii, iii, iv, v). We still need confirmation that Red wave 2 has been placed its bottom @ 1.0805 and if this is the case, we will soon see nice impulsive rally in coming days towards 1.25-1.28.

 

Only break below 1.0850 will change our short term scenario and force us to recount the wave. In this case we can see another downside move near towards 1.0650.  But downside is very limited from this point.

 

Supports: 1.0850, 1.0637

Resistance: 1.1121, 1.1185