Many traders are following a head and shoulders pattern on EUR/USD. Learn the patterns we are following along with key levels to watch.

The video above is a recording of a US Opening Bell webinar from November 13, 2017.

In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on several key markets for this week. Some of the key markets we analyzed (not in this order) include EUR/USD, AUD/USD, Gold, Crude Oil, NZD/USD, USD/CAD, and USD/JPY.

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We spent considerable time on EUR/USD and its Elliott Wave pattern. We had previously written how we thought EURUSD may increase to 1.17 in the short term. It has gotten close to 1.17 and the structure of the rise has me biased towards additional gains. We unpacked the structure and key levels to follow to determine whether the structure hints towards more bullish gains or if the gains may be temporary.

Shorter term traders may want to trade a dip back towards 1.1600-1.1625 while targeting 1.1750 and possibly higher levels.

Though the US Dollar may weaken against EUR, we can’t say for sure if this will be broad based USD weakness. Therefore, keep an eye on the cross rates for large trends breaking out.

Here are some Elliott Wave resources shared on the webinar.

Beginner and advanced Elliott Wave guides

What is a zigzag?

3 Elliott Wave flat patterns and how to trade them.

---Written by Jeremy Wagner, CEWA-M

Discuss these markets with Jeremy in Monday’s US Opening Bell webinar.

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