EURUSD Elliott Wave Analysis: Wave D of A Triangle

By: Gregor Horvat | Wed, Mar 5, 2014
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EURUSD moved even higher in the last few trading days and finished the week around 1.3800 mark, very close to yearly highs which are still in place but strong bullish sentiment in February and a sideways price action since October suggests that EURUSD is trapped within corrective phase. We are looking at a triangle with wave E yet to come before uptrend resumes. Ideally there will be a pullback down to 1.3550/1.3600 but in either case, it looks like EURUSD will try to reach 1.4000 in coming months.

EURUSD Daily Elliott Wave Analysis

EUR/USD Daily Elliott Wave Analysis Chart

EURUSD Four Hour

EURUSD broke higher on Friday as expected after we identified a three wave corrective set-back from 1.3773 to 1.3640, labeled as wave (x). Despite some strong bullish sentiment last week we need to consider a bigger pattern where EURUSD is still trapped in range-bound market. In fact, even rally from 1.3474 is overlapping so it's considered as corrective move, probably wave D of a triangle from a daily chart. If that is the case then current double zigzag should stop around 1.3850 area. A pullback from 1.3820 can be wave (b), but there are chances that wave D is already complete, which would be confirmed if price will fall through the lower side of a corrective channel.

EURUSD 4hElliott Wave Analysis

EUR/USD 4-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of, but before that he was working for Capital Forex Group and His feature articles have been published on:,,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on for Best Forex Analysis in 2016. At 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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