Elliott Wave Analysis On EURGBP And EURUSD

By: Gregor Horvat | Wed, Apr 27, 2016
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EURGBP

EURGBP is trading quite bearish from the highs, now in wave four, where this new spike could already be sub-wave a, the first leg of a minimum three wave pullback. That said red wave iv) could retrace to around 0.78120 level, where previous wave iv of a lower degreee could react as a resistance and a turning point into lower levels.

EURGBP, 1H

EURGBP 1-Hour Chart


EURUSD

EURUSD has turned down from 1.1464 two weeks back were market might found a top of a wave C-circled that belongs to a big triangle formation visible on higher time frames. Well, if we are correct then pair is now still in early stages of a new leg down, thus wave D-circled if we consider that market fell from 1.1464 in impulsive fashion; either that is wave 1 or wave A. That said, despite recent turn up in the last 24 hours we think that market can decline down to 1.1143, or even lower while 1.1464 holds.

EURUSD, 4H

EURUSD 4-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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