EURUSD Forex Elliott Wave Technical Analysis – Wednesday, October 2

EURUSD Elliott Wave Analysis Trading Lounge Day ChartEuro/ U.S. Dollar (EURUSD) Day ChartEURUSD Elliott Wave Technical Analysis

The EURUSD Elliott Wave Analysis for the daily chart reveals a counter-trend phase, indicating that the market is moving against the dominant trend. This movement is classified as corrective, suggesting that the market is undergoing a temporary retracement. The current structure being analyzed is orange wave 2, which follows the completion of orange wave 1.The market is positioned in navy blue wave 3, while the corrective phase of orange wave 2 is currently unfolding. After orange wave 1, the corrective orange wave 2 has begun to develop. In Elliott Wave Theory, wave 2 is typically a retracement that moves against the initial wave 1, correcting part of the earlier upward or downward movement. This correction implies that the counter-trend phase is temporary and that the primary trend is likely to resume after orange wave 2 is complete.Following the completion of orange wave 2, the next anticipated movement is orange wave 3, which will likely be impulsive and mark a return to the primary trend. Wave 3 tends to be a strong and extended wave, suggesting a potential for significant market movement once the corrective phase ends.A key level to monitor is 1.06678, the wave cancel invalidation point. If the market moves below this level, the current Elliott Wave analysis would be invalid, and the structure would need to be reevaluated. This level helps determine whether the counter-trend correction remains valid or whether a new trend is emerging. SummaryThe EURUSD Elliott Wave Analysis indicates that the market is in a corrective phase with orange wave 2 in progress. Traders should watch the invalidation level of 1.06678 to confirm whether the correction continues. Once orange wave 2 completes, orange wave 3 is expected to bring a resumption of the primary trend.  Euro/ U.S. Dollar (EURUSD) 4 Hour ChartEURUSD Elliott Wave Technical Analysis

The EURUSD Elliott Wave Analysis for the 4-hour chart indicates a counter-trend, suggesting a temporary movement against the prevailing trend. The mode of this movement is corrective, meaning the market is undergoing a retracement or correction. The current structure being analyzed is orange wave 2, which follows the completion of orange wave 1.The market is positioned in navy blue wave 3, within the larger framework of the corrective orange wave 2. After the completion of orange wave 1, the corrective phase of orange wave 2 has begun. In Elliott Wave Theory, wave 2 is typically a corrective wave that retraces part of wave 1’s movement before the trend resumes. This suggests that the current correction is temporary and that the market may soon return to the direction of the larger trend once orange wave 2 completes.The next expected movement is orange wave 3, which would signal a return to the larger trend direction following the completion of orange wave 2. As wave 3 tends to be a strong impulsive wave in the Elliott Wave sequence, it indicates that a significant movement could follow after the correction is over.An important level to monitor is 1.06678, which serves as the wave cancel invalidation point. If the market falls below this level, the current Elliott Wave analysis would be invalid, and the corrective structure would need to be reassessed. This level helps determine whether the counter-trend correction is still in play. SummaryThe EURUSD Elliott Wave Analysis suggests a corrective counter-trend phase with orange wave 2 in progress. Traders should watch the invalidation level of 1.06678 to confirm whether the correction remains valid. Once orange wave 2 completes, orange wave 3 is expected to drive the market back in the direction of the larger trend. More By This Author:Elliott Wave Technical Analysis: VeChain Crypto Price News For Wednesday, Oct 2
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