Never miss a story from Jeremy Wagner

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Jeremy Wagner

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

From the October 6, 2017 low, EUR/USD is advancing in impulsive waves while falling in corrective waves. For the time being, this places the near term trend pointed towards higher levels.

In our previous report, we identified EUR/USD appears to be in a fourth wave or having just completed a fourth wave. The price action since October 6 continues to support the analysis as we forecast higher levels for EUR/USD.

Are you new to trading the FX market? This guide was created just for you.

EUR/USD Forecast - Still in Triangle

EUR/USD Grinds Higher - 1.1662 Key Level

Though we cannot say for sure which of the patterns we are in, I am leaning towards a continuation of a fourth wave triangle. The triangle pattern implies EUR/USD remains supported above 1.1662 and moves into the 1.19 handle, possibly as high as 1.20.

If the fourth wave was a flat pattern and if the flat has previously ended then it implies we are travelling higher in the fifth and final wave. Under this scenario, EUR/USD likely breaks above 1.20 and may move as high as 1.22.

The sentiment picture continues to support bullish patterns. The current sentiment reading is -1.4 which is a bullish signal. View the live sentiment reading to keep on top of any changes that may occur.

Why do traders lose money? This could be why.

This is a shorter term forecast for EUR and USD. For a longer term quarterly view, grab these quarterly forecasts.

---Written by Jeremy Wagner, CEWA-M

For further study on Elliott Wave impulse patterns, watch this webinar recording.

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Other Elliott Wave forecasts by Jeremy:

Gold prices may see $1200 in the coming weeks.

USDJPY grabs highest level in three months.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.