EUR/USD medium to Long-term setup- triple screening (Elliot Wave & other technical analysis) 12th June,2022

Attached is the chart of EUR/USD weekly, daily & 4hr chart for the buying set-up.

Rationale is below –

Technical View :-

(a) is the weekly chart, eur/usd is completing 5th wave and is working inside Ending Diagonal.

(b) the long term weekly resistance line is now working as the support for the pair & may form double bottom as shown by the arrow to go long.

(c) Weekly RSI has already broken falling wedge above & confirmed the change in trend & any pull back should be bought as shown.

(a) is the chart of daily eur/usd working inside the falling wedge coming towards support and long term resistance turned support trend line now indicating buying as framed in higher timeframe above (weekly).

(b) daily Rsi has been rising & now coming towards support to be bought.

(a) is the 4hourly eur/usd broke the diamond pattern & retracing the full rise of the pair and now coming to multiple supports as shown by the horizontal support line (blue).

(b) the immediate support is coming near 1.05000-1.04600 & the trendline support in also activated if its gone below those i.e. 1.04500. below this will come to 1.03860.

Fundamental View:-

1) first time over the decade ECB will start raising rates & will stop bond buying.

2) markets think ECB will raise once 25bps but its indicative from the certain members of ECB that they will raise rate 2 or better 3 times this year itself.

3) Fed has been raising rates too & they will do the same but markets have already been pricing in hikes already.

Plan :- Buy Eur/Usd between 1.04700-1.03900 for the targets of 1.09700-1.10700-1.12700-1.14000 for medium to long term.