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EUR/USD in downtrend as USD is on the move –

It seems that USD is finally on the move, moving higher against majors, particularly the EUR and CHF at the moment, despite the move up in the DAX index.

As we know, we have been tracking this bullish structure on USD for a while, highlighted it on USD index hourly chart with a three wave decline from 80.52 to 79.98. This move is now complete as market is already approaching July highs again.

In fact, a move in the last 24 hours is accelerating so we think it’s an impulsive structure in progress. 80.29 is now critical level, as long this one is not breached we are bullish!

USD Index 1h Elliott Wave Analysis

USD Intraday July 16 2014 Elliott Wave Analysis
If the USD index is going higher then the EUR will remain in the downtrend. I see five waves down unfolding now on the EURUSD within an extended black wave iii that may find some support around 1.3520/1.3530, so be aware of a bounce, but that will be only on the intraday basis with limited upside, possibly around 1.3560/70 as we will be looking for fourth wave.

EURUSD 1h Elliott Wave Analysis

EURUSD Intraday  July 16 2014 Elliott Wave Analysis

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!