Elliott Wave Analysis of EURUSD Currency Pair
The bullish zigzag correction pattern seems to be over.
There are two scenarios at this time:
1. The recent zigzag pattern is the end of the corrective movement. From now on, EURUSD enters a sharp descending accelerating wave. If this scenario is true, this move will break the bottom of 15 August (1.3000) and Eurodollar will go towards lower targets.
2. The recent zigzag pattern is only part of a larger correction pattern. If this scenario is correct, this move will not be able to break the bottom of 15 August (1.3000).
The common point of both scenarios is that the eurousd falls to around bottom of 15 August (1.3000).
However, it should be seen that the fundamental events of the market lead to the realization of which scenario.
There are two scenarios at this time:
1. The recent zigzag pattern is the end of the corrective movement. From now on, EURUSD enters a sharp descending accelerating wave. If this scenario is true, this move will break the bottom of 15 August (1.3000) and Eurodollar will go towards lower targets.
2. The recent zigzag pattern is only part of a larger correction pattern. If this scenario is correct, this move will not be able to break the bottom of 15 August (1.3000).
The common point of both scenarios is that the eurousd falls to around bottom of 15 August (1.3000).
However, it should be seen that the fundamental events of the market lead to the realization of which scenario.
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