Bears Taking Over EURUSD; Bigger Correction Seems Now Over

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EURUSD moved up strongly to 1.1300 area last week ahead of the US election results, where market found a very strong resistance. The reason for such a reversal was a structure from a daily chart where we saw a complex correction in final stages, so recovery from 1.0847 was only a final piece of that pattern; ideally wave E of IV. Notice that market turned sharply lower, now beneath 1.0850 which is a very strong and important evidence for a change in trend from bullish to bearish mode. That said, be aware of more weakness, especially after any minor corrective bounce in three waves.

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EURUSD, 4H

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.