EUR/USD Elliott Wave Analysis: Wave (iv) c-Leg Targets 1.1320 Before Wave (v) Lower
After a sharp wave (iii) decline, EUR/USD is correcting. The EWPlans chart maps a c-leg rebound before the decline resumes. Here is the breakdown.
Elliott Wave Analysis: Where Is EUR/USD Right Now?
Background:
From the (2)/C high near 1.1711, wave (3) unfolded: (i) to ≈1.1566, (ii) rally to ≈1.1654, and a ①-②-③-④-⑤ wave (iii) to 1.1113.
Wave (iv) — a-b-c:
a: rally to ≈1.1265
b: decline back to ≈1.1113 (completed)
c — starting: targeting the 0.382 Fibonacci at 1.13196; price is 1.11342
Afterward, the chart shows wave (v) turning lower again.
Expected Scenario and Potential Moves
EUR/USD rebounds toward 1.1320, completing (iv), before (v) resumes the decline.
Key levels:
1.17115: (2)/C high — Invalid Level
1.13532: structural resistance
1.13196: 0.382 Fib — c target
1.12654: wave a high
1.11342: current price
1.11128: wave (iii) low
Strategic Perspective for Traders
1.1320–1.1353 is the key zone for (iv) completion; a sustained close above 1.1353 would suggest a deeper correction.
A close below 1.11128 would challenge the c-leg rebound and suggest (iii) is extending.
DXY is in its own wave (iv) correction, consistent with a corrective EUR/USD bounce; ECB and Fed policy remain key variables.
Conclusion — Follow EUR/USD’s Wave Structure With EWPlans
EUR/USD’s wave (iv) c-leg is starting, with 1.1320 mapped ahead of wave (v).
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