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Intraday Elliott Wave Analysis For EURUSD And GBPUSD

By: Gregor Horvat | Wednesday, February 12, 2014

ECB's Coeur: "ECB is considering negative deposit rate very seriously". EURUSD through 1.3623 support. A sharp decline can be part of a new five wave fall. We however need to wait more, but if we get an impulse from 1.3680 then we may be looking for new shorts on EURUSD. In upcoming wave iv) 1.3623 should hold, otherwise count becomes invalid. An overlap with this figure would make decline from 1.3680 corrective and support the idea for bullish EURJPY even more.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

GBPUSD turned down from resistance as highlighted yesterday, from end of wave (iii). Pullback is now already in three legs so sooner or later pair will turn back to the highs for wave (v) to 1.6500. Any deeper downward move in current wave (iv) should stop around 1.6380 support. Be aware of BOE Gov Carney speech and BOE Inflation Report at 10:30GMT.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis 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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