Forex Elliott Wave Analysis: EURUSD and GBPUSD

By: Gregor Horvat | Mon, May 19, 2014
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EURUSD is now finally showings signs of a short-term low after a bounce on Thursday from around 1.3650 after completed five waves down in wave (a). As such, we expect an upward recovery in three legs that may reach levels around 1.3770-1.3850 at Fibonacci retracement levels in this week. Once we will be able to count three legs up we will again look for signs of a bearish reversal down into a third leg of decline, beneath 1.3650.

EURUSD 4h Elliott Wave Analysis

EURUSD 4-Hour Elliott Wave Analysis Chart

GBPUSD found a support around 1.6730 from where we will now focus on a three wave rally as temporary low seems to be in place. We believe that current upward rally will unfold in corrective manner, that can either be wave 2) or wave B). In both cases we will look for a decline into a third leg down, ideally from around 1.6850-1.6900 resistance area.

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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