EURUSD and GBPUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Dec 4, 2014
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ECB left rates unchanged but real focus is now on current press conference where Draghi said that they discussed about QE and seem like he is supportive for the policy, so recent EURUSD rally to 1.2415 is now turning down from resistance, while German DAX found some support near 9870.

Technically speaking we see potential three waves up on EURUSD with irregular correction, so weakness could continue. Of-course bulls are possible, but keep in mind that just 5 or 10mins of bullish candle is definitely not enough for any confirmed bullish reversal. For something more significant you want to see a daily close price. Basically any rallies can be corrective as long as price is beneath wave 4 high of 1.2504.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

Not much of change on cable, pair is slow around 1.5700 so we see corrective price action still in play, but near completion with wave E. If not today, then breakdown could follow tomorrow after NFP report.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 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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