EURUSD Elliott Wave Analysis: Bearish Reversal

By: Gregor Horvat | Fri, Jan 3, 2014
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EURUSD spiked to 1.3900 last week from where we can see some downside pressure that could be start of an important bearish turning point on this pair. Notice that price is now already beneath the channel support line and threatening the wave B swing low around 1.3615. Further weakness, through the support will be another confirmation for a change in trend. For now, critical region is at 1.3818, as long this swing stays in place the bias is down.

EURUSD 4h Elliott Wave Analysis

EUR/USD 4-Hour Chart

On intraday chart EURUSD is moving down in third leg of decline, labeled as wave C/3 that should be made by five waves. We see current sideways price action as fourth wave so be aware of more downside as long as 1.3740 holds.

EURUSD 1h Elliott Wave Analysis

EUR/USD 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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