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EURUSD breaking out of a downward channel

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Apr 12 2021

EURUSD is recovering recovery very nicely after a completed five-wave structure within wave C last week when pair turned sharply out of a downward channel. We see an impulsive price action which means that pair will likely see even more gains after wave B/2 pullback this week. Of course, we should not forget on 10 year US yields which is the main driver of the markets for the last few weeks, but looks like that even here trend can be in a temporary reversal mode after recently broken trendline support.

I am keeping a close eye on this one for possible longs while market is trading above 1.1700.

Finally, another ELLIOTT WAVE OPEN DOOR Event is here. See all of our charts FREE for 10 days.

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EURUSD 4h


10 year US yields



 

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