In the previous post, we showed how, as of January 23, Elliott wave patterns in EURUSD looked impulsive -- i.e., bullish.
Elliott waves often relate to each other by Fibonacci ratios. Based on these common wave length proportions, our forex-focused Currency Specialty Service had the price target of "above $1.3053" for this EURUSD rally.
On January 27, EURUSD shot up as high as $1.3230. Now that our price target has been met -- and exceeded -- what will EURUSD do next: fall, or rally higher?
Elliott wave analysis dictates that a correction must follow every impulse. So the only question is, is the impulsive rally from $1.2621 over?
The January 27 upward burst in EURUSD fits the description of a thrust from a contracting triangle, one of 13 known Elliott wave patterns. This 15-minute Jan. 27 intraday Currency Specialty Service chart puts Elliott wave labels on that potential triangle formation:
Post-triangles thrusts often travel the distance of the widest part of the triangle. For complete analysis and new set of price targets, see our Currency Specialty Service now.
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Markets Covered
Currency Specialty Service aims to keep you ahead of the action in these markets:
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| Dollar Rates |
- EURUSD
- GBPUSD
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- DX, U.S. Dollar Index
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