EURUSD Elliott wave analysis and weekly outlook – 12th – 16th September 2016

Undecisive wave structure

Yes, I had to eat the humble pie on EURUSD last week. Fortunately, there was no set up to go short as the hourly structure was never violated to the downside. On the other hand, even if it did, the entry would have been conservative given the possibility of the overall ABC structure instead of the preferred triangle. The funny part is that the structure is still not clear as the price is still in that zone where it could break to either side.

eurusd-h4-short-impulse-wave-abc-wavea-forecast-12-09-16-weekly-outlook

Last weeks forecast is in red which obviously did not work out. The blue arrows are merely a possibility and there is no clear wave count to support this forecast, hence there will be no trade until the wave structure resolves itself and becomes clear.

Net move of last week was approx. 73 pips within an approx. 188 pips of overall trading range. If you have plans to trade EURUSD take caution as there is no trend of higher magnitudes in order to push price to a certain direction. So short term impulsive waves are expected to both sides.

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