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Did EUR/USD Find The Bottom? (Elliott Wave Analysis)

EURUSD reversed nicely higher few sessions back from the 1.2660 area where we can see the first signs of a bottom. The fact is that we have an ending diagonal in wave 5, which we know is a reversal pattern, and we can also see a broken channel resistance line.

EUR USD Elliott Wave Analysis November 15 2012

If we are correct, then EURUSD will move even higher in days ahead. But for confirmed change in trend, we still need a daily close above 1.2790 resistance.

If 1.2660 low is out then next support comes in at 1.2600.

If you want to find out more about our big picture for the EURUSD please check the video below which also includes analysis for GBPUSD, USD Index, GOLD, and S&P500

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Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!