EURUSD Elliott Wave Outlook

By: Gregor Horvat | Thu, Mar 20, 2014
Print Email

The USD is on the move since yesterday when the FED said it would reduce its monthly bond purchases by an additional $10 billion to $55 billion. The USD also recovered on hints from Fed Chair Janet Yellen that the bank could begin to raise interest rates sooner than anticipated.

Gold is moving down, S&P falling as well and USD is up against all other major currencies. Our focus today and tomorrow will be on EURUSD. A decline from 1.3966 March high is in three legs, and now we need to have to wait on important evidences, either to confirm a corrective retracememnt which would allow us to look for longs once the market bottoms or we wait more signs for a bearish impulse as this one is also one of the possibility. However, for a bearish case we would need to see further impulsive weakness down 1.3700/40, to make sure it's an extended wave (iii).

EURUSD count #1

EURUSD Elliott Wave 1-Hour Chart Count #1

EURUSD count #2

EURUSD Elliott Wave 1-Hour Chart Count #2

Bearish count has my special attention because of the S&P Futures that can revisit 1820 level from last week. EURUSD and S&P has positive correlation now; in fact EURUSD is even weaker than the S&P so if S&P will fall down, which is expected then EUR may lose even more value against the USD .

EURUSD vs S&P 1h

EURUSD vs S&P 1-Hour Elliott Wave Chart

 


Written by www.ew-forecast.com
14 days trial just for 1€ >> http://www.ew-forecast.com/register

 


 

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/

Copyright © 2013-2014 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com

SEARCH





TRUE MONEY SUPPLY

Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/