Elliott Wave Analysis: EURUSD Could Be In For A Nice Sell-Off

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On the 4H chart of EURUSD we can see price undergoing a minor bearish breakdown from the 1.0714 level, where a potential top for the correction in wave 2 could have been found. Well, if that is the case, then more weakness may be in store for the pair and ideally price will break beneath the wave x around the 1.0494 region and move even lower.

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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.