EURUSD : Revisited

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 EURUSD daily chart


Analysis

I had mentioned about the single currency in the month of November that, "EURUSD has changed its direction and has shown massive strength which will soar prices near till 1.07-1.09 levels over short term."

EURUSD surpassed the level of 1.09 levels and from there it is consolidating within the range of 1.0850-1.0920 levels. I was bullish for this currency when it was trading at 1.0350 levels.

To read my previous article on EURUSD, click on the below mentioned link.

https://www.marketanalysiswithmeghmody.com/2022/11/dxyeurusdgbpusdusdjpy-elliott-wave.html

EURUSD is currently trading in wave v which is the last leg of this impulse move. However, there is a minor leg pending on the upside which can take prices near till 1.0930-40 levels. Once this leg is over wave v will end in an ending diagonal pattern. After that wave a on the downside will open which can drag prices towards 1.06-1.05 range over short to medium term.

The summation is EURUSD can face resistance near till 1.0950 levels which will put selling pressure to the currency dragging it towards 1.06-1.05 price range over short to medium term.


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