EUR/USD Elliott Wave Analysis 06th May 2019

EUR/USD Elliott Wave Analysis in 15 Minutes chart

Bullish trend is present in EUR/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of EUR/USD currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 1.1170 price level which is the termination point of Bullish impulse wave i leg. In my opinion, price action in EUR/USD currency pair has completed Bullish Symmetrical Triangle pattern –  wave iv corrective Elliott wave pattern. So, based on Elliott wave analysis, Bearish wave iv leg has ended and now expect a rise in price action to start after few hours time and I expect the market to resume an up trend to rise; towards 1.1250 price area in coming trading hours.

Next, price action is most likely going to prints a top as well in coming trading hours after completing bearish impulse wave v pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/USD bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish impulse wave v leg which is part of the Bullish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 1.1192 price area.

However; if the price action in EUR/USD spot Forex pair breaks below 1.1170 important support level then Bullish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Price Patterns click here.