EURINR: Terminal Impulse (Leading Diagonal) Elliott/ Neo Wave Analysis

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EURINR daily continuous fut chart


EURINR hourly continuous fut chart



In daily chart of EURINR, the pair is moving higher in a rising wedge shape pattern which is a bearish reversal pattern. However, there is no price breakout yet, once there is a price confirmation, prices are set to falter. RSI is also exhibiting negative divergence which is a sign of caution.

From hourly chart, prices are moving in a rising channel (shaded portion) indicating that the trend is firmly positive and it has arrived near the support. This support zone of 87.50-87 needs to be broken decisively which will infuse selling pressure dragging it near till 84 levels. RSI is relieving from the oversold terrain and is set to resume the downtrend once there is price confirmation.

From Waves perspective, prices are moving in a leading diagonal as per Elliott Wave and terminal impulse as per Neo Wave. Here wave iv has overlapped wave ii (rule of impulse as per Neo Wave) and part of wave i (Elliott Wave) and thereafter wave v was extended. Now wave v is over and so correction is likely to start, which can drag prices near to cluster of supports.

The summation is EURINR needs to break 87.5-87 levels with volumes, thus opening negative possibilities dragging it till 84 levels over medium term. The resistance, once 87 is broken will be 88 (closing basis).

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