Euro Q1 Technical Forecast: Despite Year-End Losses, Near-term Gains Not Out of the Question
Since its low from mid-August 2018, EUR/USD has been locked in a sideways correction. This sideways correction appears incomplete so be mindful of a strong move higher to clean the chart congestion out. The Elliott wave pattern since August appears to be an expanded flat pattern. Therefore, upside targets fall near 1.1760, 1.1815, 1.1870 and 1.2070. To suggest a EUR/USD rally may begin soon is EUR/USD’s failure to confirm DXY’s December 14 extreme, which tends to occur near important turns.
EUR/USD Price Chart: Weekly Timeframe (October 2014 to December 2018)
--- Written by Jeremy Wagner, CEWA-M, Head Forex Trading Instructor
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.