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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

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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