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22.04.202207:31 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for April 22, 2022

Exchange Rates 22.04.2022 analysis

The corrective decline in wave 2 from the peak of 1.2345 has been way more persistent, than we first expected, but that is often the case with second waves. They are allowed to correct 99.99% of the first wave. In this case we have seen a 93% corrective of wave 1, but it doesn't alter the fact, that the decline only has been a correction and we could easily see a strong rebound from the corrective low at 1.0757.

The first strong indication that wave 2 really has completed is seen upon a break above resistance at 1.1185 that will call for a continuation higher towards 1.1495 and higher. Ultimately we expect wave 3 to continue all the way to 1.3993.

Only an unexpected break below 1.0635 will invalidate our bullish outlook.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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