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EURUSD Elliott Wave Analysis: Corrective Rally

By: Gregor Horvat | Monday, January 13, 2014

EURUSD 4h

EURUSD moved higher on Friday which should not be a surprise as we know that after every five waves correction follows. We can count impulse down in red wave 1) so current upward reaction is normal. We are tracking wave 2) that represents a contra-trend reaction that should be made by three legs. We will be tracking A-B-C waves up to 1.3700-1.3750 region from where pair could turn down again, back to 1.3543. Critical, or invalidation level remains at 1.3891; as long it will hold, trend is down.

EUR/USD 4-Hour Chart


EURUSD 1h

Regarding the USD bullish view our primary pairs to track are still USDCHF, GBPUSD and EURUSD. However, based on the latest structure the USD may not turn immediately higher against the EUR as we suspect that pair is in the middle of an A-B-C retracement now. We expect wave B down to 1.3600 and then another leg above 1.3700 before pair may turn south.

EUR/USD 1-Hour Chart

 


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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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