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).
EUR/USD Daily
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!
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