GBPUSD and EURUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Sep 17, 2014
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GBPUSD is at the highs after worse than expected CPI figures in the US which makes USD slightly weaker across the board. However, technically we see a nice pattern that can cause a turning point. It's called an ending diagonal that can be taking place in wave C. If that is the case, then resistance around 1.6350 must hold and send price to beneath 1.6280 where broken support could put price in bearish mode.

GBPUSD 30min Elliott Wave Analysis

GBPUSD 30-Minute Elliott Wave Analysis Chart

There is a possibility that EURUSD found a pick of a corrective wave 4 at latest 1.2993 high, therefore weakness could follow through the day. However a break of 1.2941, as well as a decisive push through the channel line is needed to support the bearish view, as broken channel would then open door for a drop to a new low. If 1.2993 gives way, then next resistance is at 1.3020/30, at upper parallel line where corrective rally may finally stop.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com 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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