Eseandre Mordi
EUR/USD is drawing growing attention from technical traders as intraday charts develop a textbook bullish Elliott Wave structure. With Wave (2) appearing complete near 1.1510 and Wave (3) now underway, the setup points toward a potential push to the 1.1700 zone once short-term consolidation runs its course.
Wave 3 Underway as EUR/USD Holds Above 1.1600
The pair has already pushed into the mid-1.16 region and is now stabilizing after the initial impulse leg. At the time of analysis, EUR/USD was hovering near 1.1655, consolidating after the earlier upward push.
If support levels remain intact, the current structure could allow the euro to extend its upward trajectory in the near term.
That pause suggests a short-term corrective Wave (4) pullback may form before the broader move continues. EUR/USD Price Prediction: Can the Euro Reach 1.1770 After Holding 1.1690 notes that holding support near these levels often precedes another attempt at higher resistance.
Key Levels: Support at 1.1580, Resistance at 1.1700
The analysis highlights a support zone between 1.1580 and 1.1600, with resistance clustered from 1.1665 up to 1.1700. A retracement into support would represent Wave (4), setting the stage for Wave (5) to target the 1.1700 area or beyond. That scenario aligns with the outlook in EUR/USD News: Price Forecast: Euro Targets Breakout Above 1.1725, where analysts argue that holding key support zones can lead to sustained breakout attempts higher.
The broader intraday structure remains bullish despite the ongoing consolidation. Elliott Wave models are widely used by technical traders to map price cycles and anticipate continuation phases. As discussed in EUR/USD Price Prediction: Targets Upside After Key Swing Low, similar conditions, where the pair consolidates near established support, have previously resolved with a push toward upper resistance zones. As long as 1.1580 holds, the current wave count keeps a move toward 1.1700 in play.
Eseandre Mordi
