Elliott Wave Analysis: EURUSD Trading Lower Within An Impulse

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EURUSD is turning sharply lower from the 1.1300 level where pair have finally accomplished a big and very long sideways pattern that was located in wave IV. It was a triangle which is now completed. A decisive break beneath the wave B swing at 1.0533 level was a confirmation for a completed higher degree correction and that more weakness may be in progress. That said, the updated wave count is showing us the pair trading in red sub-wave 4) of three, that may in days ahead see more slow and choppy price activity.

EURUSD, Daily

 

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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.