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
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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