{"id":3221,"date":"2024-06-14T16:22:39","date_gmt":"2024-06-14T16:22:39","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=3221"},"modified":"2025-05-15T13:58:20","modified_gmt":"2025-05-15T13:58:20","slug":"eur-usd-bullish-turn-at-support","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/eur-usd-bullish-turn-at-support\/","title":{"rendered":"EUR\/USD Elliott Wave: Bullish Turn at Support"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>EURUSD pivoted near an important support level<\/li>\n\n\n\n<li>Bullish forecast is valid so long as EURUSD holds above 1.0601<\/li>\n\n\n\n<li>Upside targets include 1.12 and 1.15<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Aggressive EURUSD Decline Halts at Support<\/h2>\n\n\n\n<p>EURUSD appears to be building a large bullish sequence. <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/eur-usd-elliott-wave-searching-for-a-bottom\/\">Back in April<\/a>, we called out a bullish turning point for the end of minor wave 2.<\/p>\n\n\n\n<p>Now, it appears EURUSD is finishing its next smaller degree wave 2.<\/p>\n\n\n\n<p>EURUSD has been on an aggressive decline this week down about 1%. From the June 4 high, EURUSD is down about 200 pips.<\/p>\n\n\n\n<p>Earlier today, the decline abruptly halted and has begun to reverse at the 1.0668 low.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfz3EXV4FErkUh_L4R_epzR2-SMFuPOOGhy2RzHCJ_boTUy6oqX9JQBdwfn3LWQzOQCP8ES01t1r7MPk_icDosPbWAVsdf3PzGv1KS4ShaHEDmgB5biHr3mGfPe-J6zfMP_VmWe4q6AaemSCe60I-dbbakn?key=vqlxxUpO93koKgY2DXZtqg\" alt=\"\" \/><\/figure>\n\n\n\n<p>There are a few elements of support in this zone that are supporting prices.<\/p>\n\n\n\n<p>First, the blue trend line connecting the highs from March 2024 passed through today\u2019s support zone.<\/p>\n\n\n\n<p>Additionally, the 78.6% Fibonacci retracement level of the April to June rally sits at 1.0668.<\/p>\n\n\n\n<p>Lastly, there is an equal wave relationship during this two-week decline at 1.0657.<\/p>\n\n\n\n<p>As a result, EURUSD may be on the front edges of starting a rally that could reach 1.12 and possibly 1.15.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave Pattern<\/h2>\n\n\n\n<p>It appears that today could have marked the end of wave ((ii)) of 3. This means wave ((iii)) of 3 is beginning and would trend towards 1.12 and possibly 1.15.<\/p>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcMFOpLGlYly8CAWtS9i-qW-TqEzy7m9zaU6TfkbgLIemiSxlfa_k1u0cnkkbjSwQHUaEuFvWSWlV3FNtgR56TNT2zsmJ_PPInu8CY9PuHqg9Rjr7MTyFzrSy40o5KepC-sZPaOGHLz5A_kSUpjHJd9akSr?key=vqlxxUpO93koKgY2DXZtqg\" alt=\"\" style=\"width:300px\" \/><\/figure>\n\n\n\n<p>Wave 3 tends to be the strongest wave of the Elliott wave sequence and the wave that is about to begin would be a third wave at two degrees of trend.<\/p>\n\n\n\n<p>The 1.12 target level is derived by taking the 1.618 Fibonacci extension of wave ((i)) and applying it to wave ((iii)).<\/p>\n\n\n\n<p>This bullish forecast would hold so long as EURUSD remains above 1.0601.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Alternate EURUSD Elliott Wave Count<\/h2>\n\n\n\n<p>In the unexpected decline below 1.0601, or, with the inability to rally above 1.09, then we\u2019ll consider this alternative wave count.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfKE4tSnGbnlFFoa05EX6Eivp73oT7e_ULUz4rYl3J7gWxWnfgy8N3vPgemBuTNf9p4Mu1DzzcrBu6SMicKRWWjeihVCNTNiQvCytCwMgr6YGdr1ey7sKCd6S_M9-NorjiEU4a8zbjT4lgaKXKmGMASk_iP?key=vqlxxUpO93koKgY2DXZtqg\" alt=\"\" \/><\/figure>\n\n\n\n<p>The alternate Elliott wave count suggests a break of 1.0601 would then lead to a retest of 1.0448 as a W-X-Y double combination correction.<\/p>\n\n\n\n<p>In the alternate scenario, the current wave would be wave ((d)) of X where wave X is a triangle. This would imply one more fake rally that holds below 1.0916 to finalize the X-wave.<\/p>\n\n\n\n<p>After wave X triangle concludes, then another decline in wave Y would finish this multi-year corrective pattern.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>EUR\/USD appears poised to stage a bullish reversal in a third wave at two degrees of trend. If so, then EURUSD would have to hold above 1.0601 en route to 1.12 and possibly 1.15.<\/p>\n\n\n\n<p>If 1.0601 breaks, then EURUSD likely trends lower to 1.0448.<\/p>\n\n\n\n<p><strong>You Might Be Interested In:<\/strong> <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/silver-stuck-in-corrective-pattern\/\">Silver Stuck in Elliott Wave Corrective Pattern<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EURUSD appears poised for a bullish reversal near today&#8217;s low.<\/p>\n","protected":false},"author":160,"featured_media":1667,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-3221","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: Bullish Turn at Support - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"The current Elliott wave count for EURUSD implies a bullish reversal near today&#039;s low. 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