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EURUSD Elliott Wave Analysis: Heading Much Lower

By: Gregor Horvat | Tuesday, February 4, 2014

As expected, the EURUSD has turned down from above 1.3700 area where we labeled end of an expanded flat formation that now shows signs of completion after sharp fall trough 1.3500. A decline is showing signs of an impulsive price action so we suspect that EURUSD is heading much lower. Trend is down as long as 1.3683 remains in place, while any rallies should find resistance in 1.3540/1.3600 zone.

EURUSD 4h Elliott Wave Analysis

EURUSD 4-Hour Elliott Wave Analysis Chart


EURUSD 1h

EURUSD on the other hand, did not move much in the last few sessions which was expected as we were looking for a wave iv) pullback up to 1.3530/60. If we take a look closely at the substructure from the latest low we can see an overlapping price action, which is personality of a corrective rally so we think that pair will turn back to the lows in sessions ahead. Resistance or swing region for wave iv) remains at 1.3530-1.3570.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

 


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Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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