EURINR Elliott Wave Analysis

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 EURINR spot hourly chart


As seen in the above hourly chart, prices have reversed from the lows and have shown a remarkable resilience. This can be a bounce or a reversal which will depend once we unfold the wave counts.

From Waves perspective, prices have completed wave a in a corrective wave at 86.7 followed by wave b in a three wave complex correction (w-x-y) at 83.2 and now it is unfolding wave c which is impulse in nature. This entire correction is a irregular flat pattern in which wave c can go till 86.4-86.6 (spot).

The summation is EURINR is all set to move higher till 86.4-86.6 over short to medium term with support at 83.2.

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