EURUSD 4H Elliottwave Forecast
The price is exhibiting an upward movement with a modest momentum, forming overlaps indicative of a Leading Diagonal (LD) pattern, representing wave (1)/(A). To confirm the completion of wave (1)/(A) and the initiation of (2)/(B), a decisive break to the level that represents wave (B) of wave 5 of wave (1)/(A) is required, or alternatively, breaking and closing below the lower boundary of the "Rising Wedge" pattern. If the bearish scenario is confirmed, an anticipated decline is expected, ideally taking the price to the downside towards the 1.11986 - 1.11393 area. An invalidation level for the bearish scenario will be established upon confirmation, and breaking 1.105654 cancels the bullish outlook.
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