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Rally from 10.3.2023 low in EURUSD is ongoing as a 5 waves impulse Elliott Wave Structure. Up from 10.3.2023 low, wave (1) ended at 1.11395 and pullback in wave (2) ended at 1.0694. Pair has turned higher in wave (3), but it needs to break above wave (1) at 1.11395 to rule out a double correction. Up from wave (2), wave (i) ended at 1.0785 and wave (ii) ended at 1.0731. Pair rallies higher in wave (iii) towards 1.0839 and pullback in wave (iv) ended at 1.0789. Final leg wave (v) ended at 1.088 which completed wave ((i)) in higher degree.
EUR/USD 45 Minutes Elliott Wave chart
Wave ((ii)) pullback is now in progress as a zigzag structure to correct cycle from 2.14.2024 low before pair resumes higher. Down from wave ((i)), wave (a) ended at 1.0802. Expect pair to rally in wave (b) then it should turn lower in wave (c) to finish wave ((ii)) in higher degree before pair resumes higher. As far as pivot at 1.0694 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside. Due to the 5 swing structure from 2.14.2024, at minimum we should get another leg higher while it stays above 1.0694.
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