EURUSD: Corrective Wave Four Unfolding


On the intraday chart of EURUSD, we are observing a nice impulsive drop that is now probably trading in blue wave iv of 3, with possible resistance around 1.2279, from where a new fall may occur. As we know fourth waves may be more complex than waves two, so we would not be surprise if price stays longer in this unfolding corrective retracement, than usual pullbacks.

Temporary invalidation level is at 1.13586, as long as it holds we are looking to the downside.

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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 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.