Elliott Wave Analysis On EURUSD And GBPUSD

By: Gregor Horvat | Tue, Aug 16, 2016
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EURUSD

US markets will open in a few minutes. In the meantime EURUSD made a sharp push up reaching our initial area from 1.1280 to 1.1320 from where we have seen a potential beginning of a reversal lower. We need of course a completed impulse down for confirmation for this reversal.

EURUSD, 1H

EUR/USD 1-Hour Chart


GBPUSD

GBPUSD made a five wave move from the lows on the presented time frame from recent lows which we potentially see as a possible temporary bottom. We need to see more upside in the coming days to have a full confirmation of this reversal that is now taking place. Current blue a-b-c pullback should then find its support around 1.2920 area.

Invalidation is at previous lows at 1.2866.

GBPUSD, 1H

GBP/USD 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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