EURUSD: Anticipated Happened and Elliott Wave Forecast

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EURUSD Daily chart




In my previous update of EURUSD dated 15th July 2018, I had mentioned, "In short, expect prices to stumble close to 1.150 in near term." The single currency made a low of 1.130 and showed signs of reversal- Anticipated Happened

EURUSD made a triangle pattern which can termed as a continuation pattern before diving till 1.130 levels. The entire down move is been marked as an impulse pattern which has five legs in it. The last leg of wave v is over in the form of wave A and the up move seems to be in wave B which consists three corrective waves in it (a-b-c). 

Currently prices are forming inverse head and shoulder pattern, in which prices are in process of making the right shoulder. Once the level of 1.170 is taken out on the upside prices can soar near till 1.20 levels over medium term.

In short, once single currency crosses the level of 1.170, it can surge till 1.20 over near to medium term.

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