EURUSD and GBPUSD Elliott Wave Analysis

By: Gregor Horvat | Tue, Apr 15, 2014
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EURUSD has been trading to the upside last week after broken channel line connected from 2014 highs with impulsive price action from 1.3671. As such, we think that current leg from the low is start of a larger uptrend that may touch 1.4000 in April. Therefore current retracement from 1.3900 is probably just a short-term corrective pullback that may look for a support around 1.3760-1.3820 zone.

EURUSD 4h Elliott Wave Analysis

EURUSD 4-Hour Elliott Wave Analysis Chart

Cable has turned bullish at the end of March and even accelerated up to 1.6800 last week which suggests that big corrective retracement has bottomed at 1.6462, labeled as blue wave (4). As such, we anticipate new high for wave (5) that may reach levels even around 1.6950-1.7000. Notice that we adjusted the wave labels from numbers to letters within wave (5) which is fine as we are tracking an expanding diagonal on a daily chart. At the moment we are looking at sub-wave X) that may look for a support around 1.6700.

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

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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