Elliott Wave Analysis On EURUSD And EURGBP

By: Gregor Horvat | Mon, Apr 11, 2016
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EURUSD

EURUSD is turning up ahead of the US cash market so looks like that US currency could be weak during US session today. We see wave b triangle near completion, but still need that push above 1.1425 that would open door for 1.1500 projected level for wave c-circled.

EURUSD, 1H

EURUSD 1-Hour Chart


EURGBP

EURGBP made sharp leg down earlier based on strong bounce on cable. However, weak EUR may stop here based on 38.2% Fibonacci retracement where pair can be looking for a base of a red wave 4). We expect red wave 5) to unfold this week, that may rise above to 0.8150, while 0.7948 invalidation level is not broken.

EURGBP, 4H

UERGBP 1-Hour 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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