EUR/USD Remains Trapped In Range, For Now!

Despite some strong moves and quite high volume in recent weeks, Eur/Usd remains trapped in range between 1.4938 May highs and 1.3967 May lows. As such, direction of a trend on this pair remains unconfirmed, which however should unfold to the downside if we consider weakness on other markets, especially commodities which supports the US dollar.

Guest post by Gregor Horvat
But what if commodities and stocks find buyers, for those with “balls”, who want attack some fresh gains through the summer?!

In fact, today in early European trade, Euro has once again bounced from the support line connected from May 23lows, and reversed recent intra-day sell-offs. Well, it seems that both bullish and bearish scenarios (long-term) are still possible!

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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!

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