EURUSD Elliott Wave Analysis: EUR/USD resumes its negative trades to go far away from the 1.1250 level, a significant support level, increasing expectations of continuing the bearish trend until the end of the week.
- The EUR/USD targets 1.10000 as the next level.
- Expected trading region for Friday is between support 1.10000 and resistance 1.1250.
- The direction on the hourly timeframe is a bearish trend.
EURUSD Elliott Wave Analysis On 1 Hour Time-Frame
On the hourly timeframe chart, the EUR/USD is witnessing a sharp fall, and it seems impulsive.
There is no optimism for the change of direction unless the EUR/USD exceeds 1.11439.
Suppose that Euro/Dollar is in a bearish wave 5 and now it’s resuming its fall to reach 1.10000, which is considered an important support level for the EURUSD pair.
We don’t encourage you to buy in the current time unless the EUR/USD exceeds at least 1.11439 level.
How To Trade EUR/USD In The Current Time?
EURUSD is in the last bearish wave, and it’s invalid for selling.
Currently, we have to wait.
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The EUR/USD should exceed the 1.11439 and 1.12331 levels so that the negative pressure (for buyers) will fade away.
EURUSD News 3/4/2022
The EURUSD is one of the major currencies affected by the war since Europe is at the heart of this conflict.
The Eurozone economy is expected to be affected by the developments of the Ukraine crisis, which will complicate the ECB’s path out of negative interest rate during this year 2022.
By elliottwavemonitor.com
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