EURGBP and EURUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Mon, Nov 24, 2014
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A sharp decline from 0.8035 on EURGBP suggests a completed leg from 0.7795 that has unfolded in three legs. We labeled that recovery as wave (c) which means that triangle pattern is again a valid and very probable count corrective wave 4. If we are on the right track then we should see more weakness down in current wave (d), possibly to around 0.7840 and then wave (e) rally before market breaks down into wave 5. I could be looking for shorts on this pair after wave (e).

EURGBP 4h Elliott Wave Analysis

EURGBP 4-Hour Elliott Wave Analysis Chart

EURUSD is in pullback mode, now already with three waves up at 1.2420 which is quite close to our highlighted resistance area on the chart. As such, pair can turn down very soon, but ideally from 1.2450/60 zone. Invalidation level is at 1.2503.

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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