Elliott Wave Analysis: EURUSD Trading In Final Stages Of A Triangle Correction

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On EURUSD we see price trapped in a big consolidation pattern, a triangle that may not be finished yet, as recent turn up from 1.0847 looks quite strong, so it can belong to a bigger recovery. Ideally that will be wave E that will be expected to accomplish a triangle in wave IV in weeks ahead. After a completed triangle we will look sharply lower into wave V.

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EURUSD, Daily

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Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.

Basic Triangle Pattern:

triangle

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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.