EUR/USD – Fractal Pattern & Daily Chart
In this post, our analyst, Richard Tataru, is covering technical analysis for one of the FX Majors, EUR/USD, from an Elliott Wave perspective. Richard will look into patterns and technical analysis to highlight the important breakthroughs of the asset.
The chart reflects the EUR/USD on a daily time-frame and the video goes in-depth about a pattern of the FX Major. The chart features some interesting similarities with the focus on fractal (repetitive patterns).
What we notice on the chart is that in April 2017, the French elections left the gap unfilled. Between March 2015 and January 2017, EUR/USD has a fractal pattern which acts as a corrective sequence for the period. A similar corrective pattern is noticed between May 2018 and August 2018.
It is interesting to mention that before the April 2017 and rally and the February 2018 one, EUR/USD folded with a corrective pattern. Similarly, the period between August 2018 and October 2018 is showing a corrective structure as well.
Subsequently, EUR/USD started a bullish impulse in the aftermath of the corrective periods. But, this leaves room for the question, “Can EUR/USD start another rally?”
Many pips ahead!