Euro Currency Index (EXY) Elliott Wave Analysis: Wave v Active — Targets 110.67 and 109.38
Our 31 July analysis expected EXY’s Wave 2 to complete before a Wave 3 decline. That is the path price has followed.
Where Is EXY Right Now?
Wave 1: completed near 113.25
Wave 2: topped near 117.05
Wave 3 (bearish): i near 115.77, ii near 116.56, iii low near 111.11, and a contracting triangle as wave iv (upper edge near 112.76)
Wave v: active after the breakdown, price 110.91
Targets
1.618 Fibonacci: 110.67
2.618 Fibonacci: 109.38
Key Levels
117.05: Wave 2 high
112.76: invalidation
111.66 / 111.11: resistance
110.91: current price
110.67 / 109.38: targets
Strategic Perspective
110.67 is the first level to watch for a reaction.
A close above 112.76 weakens the count.
DXY direction and ECB/Fed policy are the main external drivers; EUR/USD and EUR/GBP are worth tracking alongside.
Conclusion
EXY’s Wave 3 is in its final sub-wave. At EWPlans, we update H4 and D1 wave counts on 39 instruments every day.