Elliott Wave Analysis: EURUSD And GBPUSD

By: Gregor Horvat | Fri, Jan 24, 2014
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EURUSD: Flat In Wave 2

EURUSD reversed sharply to the upside in this week from 1.3505 level where we see a completed three wave decline in wave B. As such, current rally represents an impulse wave C that is most likely part of an expanded flat in wave 2). If our count is correct then we still need too see a little bit higher levels to complete a minor five wave rally. Ideally pair will make a top around 1.3740.

EURUSD 4h Elliott Wave Analysis

EURUSD 4-Hour Elliott Wave Analysis Chart


GBPUSD: Uptrend Continuation

GBPUSD is accelerating to the upside now already well above 1.6600 high from the end of December so market is back in bullish mode. We are tracking an updated count now with bullish impulse underway up to 1.6700. At the moment we see prices rally in wave (iii) so be aware of more upside after wave (iv) retracement that may show up in the next few sessions.

GBPUSD 4h Elliott Wave Analysis

GBPUSD 4-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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