Elliott Wave Analysis: EURGBP In A Temporary Correction; Support Seen Around 0.7700/0.7720


One very interesting pair that we are tracking is EURGBP which shows a nice and clean five wave rally from May lows up to 0.7900 where resistance has been found recently. So far we have seen a nice dip, but only with three legs for now, so we expect another leg down for a valid contra-trend formation. Wave C) drop is expected towards 0.7700-0.7720 area where we will look for a strong push to the upside.

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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.