empty
23.07.2021 06:17 AM
Elliott wave analysis of EUR/USD for July 23, 2021

This image is no longer relevant

EUR/USD tried to break higher on Wednesday, but failed and is back to minor support near 1.1770 and key support at 1.1704. Under the bullish count the key support must be able to protect the downside for a break above minor resistance at 1.1831 and more importantly above resistance at 1.1975, which indicates that circle wave iv has completed and circle wave v towards 1.2763 is in motion.

That said a break below key support at 1.1704 shifts the preferred count towards the bearish scenario and indicates that circle wave v completed with the test of 1.2350 and a deeper correction towards 1.0983 now is in motion.

So keep an eye on key support at 1.1704 as it will decide the next big move up or down

Trading recommendation:

Buy EUR and place your stop just below 1.1704

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD Analysis on September 1, 2025

The wave pattern on the 4-hour chart for EUR/USD has remained unchanged for several months, which is very encouraging. Even when corrective waves are formed, the overall structure remains intact

Chin Zhao 19:55 2025-09-01 UTC+2

GBP/USD Analysis on September 1, 2025

The wave structure for GBP/USD continues to indicate the formation of an upward impulse wave pattern. The wave picture is almost identical to EUR/USD, since the only real driver here

Chin Zhao 19:51 2025-09-01 UTC+2

Euro Currency. Week Preview

A new week begins, and I'll be quite disappointed if the sideways movement continues. Despite the clear interpretation of the current wave pattern, it could become more complicated—especially

Chin Zhao 00:46 2025-09-01 UTC+2

EUR/USD Analysis on August 29, 2025

The wave pattern on the 4-hour chart for EUR/USD has remained unchanged for several months, which is very encouraging. Even when corrective waves are forming, the structure's integrity is maintained

Chin Zhao 18:26 2025-08-29 UTC+2

GBP/USD Analysis on August 29, 2025

For GBP/USD, the wave pattern continues to indicate the construction of an upward impulse structure. The wave picture is almost identical to that of EUR/USD, since the only "culprit" remains

Chin Zhao 17:50 2025-08-29 UTC+2

EUR/USD Analysis on August 28, 2025

The wave structure on the 4-hour chart for EUR/USD has remained unchanged for several months, which is very encouraging. Even during the formation of corrective waves, the integrity

Chin Zhao 18:21 2025-08-28 UTC+2

GBP/USD Analysis on August 28, 2025

For GBP/USD, the wave structure continues to indicate the formation of a bullish impulse wave sequence. The wave pattern is almost identical to EUR/USD, as the only real "culprit" remains

Chin Zhao 18:02 2025-08-28 UTC+2

EUR/USD Analysis on August 27, 2025

The wave pattern on the 4-hour chart for EUR/USD has remained unchanged for several months now, which is encouraging. Even when corrective waves are forming, the integrity of the structure

Chin Zhao 19:04 2025-08-27 UTC+2

GBP/USD Analysis on August 27, 2025

For GBP/USD, the wave structure continues to indicate the formation of a bullish impulsive sequence. The wave pattern is almost identical to EUR/USD, as the only "driving force" remains

Chin Zhao 18:51 2025-08-27 UTC+2

EUR/USD Analysis on August 26, 2025

The wave pattern on the 4-hour chart for EUR/USD has not changed for several months, which is encouraging. Even when corrective waves are built, the overall structure remains intact. This

Chin Zhao 19:32 2025-08-26 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.