EURUSD Elliott Wave Analysis: Bearish Reversal?

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EURUSD made a new high at 1.3810 from where we can see a sharp reversal to the downside so we assume that five wave rally in wave C is complete. However, current decline can still be wave four of a higher degree, so before we may confirm larger trend reversal on EUR we need 1.3576 overlap to invalidate any impulsive bullish wave structure which was also highlighted in one of our recent video.

EURUSD 4h Elliott Wave Analysis

EURUSD Elliott Wave
EURUSD Elliott Wave

 Intraday Chart:

On EURUSD we are still waiting on that three wave rally that could be seen next week. Ideally we will get a retracement back to 1.3700/30 area where former swing lows will turn into a resistance. We would be interested to go short in this area.

EURUSD Intraday Elliott Wave Analysis

EURUSD Intraday Elliott Wave
EURUSD Intraday Elliott Wave

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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.