{"id":1582,"date":"2024-04-17T12:31:23","date_gmt":"2024-04-17T12:31:23","guid":{"rendered":"https:\/\/alchemy-markets-blog.local\/?post_type=market_insights&#038;p=1582"},"modified":"2025-05-15T14:21:21","modified_gmt":"2025-05-15T14:21:21","slug":"eur-usd-elliott-wave-searching-for-a-bottom","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/eur-usd-elliott-wave-searching-for-a-bottom\/","title":{"rendered":"EUR\/USD Elliott Wave: Searching For A Bottom"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>EUR\/USD has declined 250 pips over the past week<\/li>\n\n\n\n<li>Anticipating a bullish reversal near 1.06; while price holds above 1.0451<\/li>\n\n\n\n<li>The next bullish wave in EURUSD may carry up to 1.13, 1.17, and possibly higher levels<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave in EUR\/USD<\/h2>\n\n\n\n<p>The current decline in EURUSD is viewed as wave (c) of ((y)) of 2. If this count is correct, then EURUSD is about to begin a wave 3, typically one of the longest and strongest waves of the impulse wave pattern.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"602\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/Eurusd-Searching-for-Bottom-apr-17-2024-1024x602.png\" alt=\"\" class=\"wp-image-2706\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/Eurusd-Searching-for-Bottom-apr-17-2024-1024x602.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/Eurusd-Searching-for-Bottom-apr-17-2024-300x176.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/Eurusd-Searching-for-Bottom-apr-17-2024-768x451.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/Eurusd-Searching-for-Bottom-apr-17-2024.png 1465w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>On the daily price chart above, wave 2 began at the 1.1138 high in December 2023 and has been trending lower for the past four months. The wave 2 decline is viewed as a double zigzag labeled ((w))-((x))-((y)).<\/p>\n\n\n\n<p>It appears we are in the final stages of wave ((y)) and it is subdividing as an (a)-(b)-(c) zigzag.<\/p>\n\n\n\n<p>The 78.6% Fibonacci retracement level is near 1.0593. This level represents a deep, but normal retracement for a wave 2. Since appear appears EURUSD is in the late stages of wave (c), we can anticipate a bullish reversal.<\/p>\n\n\n\n<p>For this wave count to remain valid, the bullish reversal would need to take place above 1.0451. If this wave count is correct, then wave 3 would carry up to 1.13 and possibly extend to 1.17 or higher levels.<\/p>\n\n\n\n<p>1.13 represents where wave 3 would equal wave 1 and 1.17 is where wave 3 is 1.618 times the length of wave 1.<\/p>\n\n\n\n<p>If EURUSD were to fall below 1.0451, then we would need to reconsider this decline as a larger degree wave (2).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Elliott wave count suggests EURUSD is bullish so long as price remains above 1.0451.<\/p>\n","protected":false},"author":160,"featured_media":1583,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-1582","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EUR\/USD Elliott Wave: Searching For A Bottom - 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