Elliott Wave Analysis For EURUSD: Bearish Turning Point In View

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EURUSD 4h -Elliott Wave Analysis
EURUSD 4h -Elliott Wave Analysis

Written by www.ew-forecast.com

EURUSD reversed higher few weeks back from around 1.2750 level, but recovery since early April has  still a corrective look. With that said, we think that move is complex correction, probably a flat and that larger trend will continue lower, especially if we consider a five wave decline from 1.3700 at the start of the year. If we are correct then current bullish leg is wave C) of a three wave pull-back that should stop somewhere around current 1.3400 -1.3500 resistance area.

EURUSD Daily – Elliott Wave Anayis

EURUSD Daily - Elliott Wave Analysis
EURUSD Daily – Elliott Wave Analysis

At the 4-hour chart we can see that EURUSD moved to a new high last week but then prices found resistance around the upper trend-line of an expanding diagonal pattern, from where we have seen more than 120 pips decline. A sell-off can be counted impulsively so we think that top, even if just temporary, is in place and that pair is heading lower in minimum three legs, back to 1.3200-1.3250 as a first downside objective while 1.3450 is in place.

EURUSD 4h -Elliott Wave Analysis

EURUSD 4h -Elliott Wave Analysis
EURUSD 4h -Elliott Wave Analysis

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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.