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Expert In



Wave analysis of EUR/USD for November 17, 2021

Analyzing the situation in the foreign exchange market using the Elliott theory.

ECB President Christine Lagarde will set short-term rates at 18:30 UTC today, which may have a decisive impact on the euro rate.



Corrective wave 4 continues to develop. Its final section, that is, subwave 5, takes the form of the final diagonal [1]-[2]-[3]-[4]-[5]. The downward wave [1] was completed in the form of a simple zigzag (A)-(B)-(C). We also see a small correction [2]. Most likely, the price decline has come to an end in subwave [3], which took the form of a zigzag (A)-(B)-(C).

Thus, an upward movement of the market and the development of a bullish corrective subwave [4] are expected in the coming trading days. This correction can be completed at 1.1520, which is on the resistance line.

After reaching this price level, the development of the final leg of the final diagonal [5] is possible, as shown in the chart. In the current situation, it is recommended to consider opening buy deals.

Trading recommendations: buy from the current level, take profit 1.1520.

The material has been provided by InstaForex Company -