EUR/USD Elliott Wave: Key Waves & Trade Opportunities

EURUSD EUR/USD Elliott Wave: Key Waves & Trade Opportunities
Elliott Wave Analysis for EUR/USD
Identified Elliott Wave Patterns:
Primary Wave Degree:

Wave 1: Starts at the high around 1.0500 (early December) and ends at the low around 1.0300 (mid-December).

Wave 2: Corrective wave retraces to around 1.0450 (late December).

Wave 3: Impulsive wave drops to around 1.0200 (early January).

Wave 4: Corrective wave retraces to around 1.0300 (mid-January).

Wave 5: Potential completion around 1.0175 (late January).

Intermediate Wave Degree:

Wave (i): Starts at the high around 1.0450 and ends at the low around 1.0300.

Wave (ii): Corrective wave retraces to around 1.0350.

Wave (iii): Impulsive wave drops to around 1.0200.

Wave (iv): Corrective wave retraces to around 1.0275.

Wave (v): Potential completion around 1.0175.

Minor Wave Degree:

Wave (a): Starts at the high around 1.0300 and ends at the low around 1.0200.

Wave (b): Corrective wave retraces to around 1.0250.

Wave (c): Potential completion around 1.0175.

Potential Future Price Movements:
Based on the identified Elliott Wave patterns, the EUR/USD pair is likely to complete the final wave of the primary degree around 1.0175. After this, a corrective wave (Wave A) could push the price back up to around 1.0300, followed by another impulsive wave (Wave B) down to around 1.0150, and finally a corrective wave (Wave C) up to around 1.0350.

Trade Recommendations:
Long Position:
Entry Point: 1.0175

Stop-Loss: 1.0150

Take-Profit: 1.0300

Risk to Reward Ratio: 1:2

Short Position:
Entry Point: 1.0300

Stop-Loss: 1.0350

Take-Profit: 1.0150

Risk to Reward Ratio: 1:2

Specific Price Levels:
Here are the key Fibonacci levels and support/resistance levels:

Fibonacci Levels:

0.382: 1.0400

0.5: 1.0350

0.618: 1.0300

0.705: 1.0275

0.786: 1.0250

Resistance Levels:

1.0500

1.0450

1.0400

Support Levels:

1.0350

1.0300

1.0250

1.0200

1.0175

1.0150