Slow Summer Trading-Elliott Wave Overview on EURUSD and S&P



Despite a higher US stock market yesterday, the other markets, like currencies, some commodities, and metals are still sideways, even after Bernanke’s testimony. This tells me only one thing; Summer trading-ranged price action due to low liquidity. With that said, don’t be surprised if market will be unidirectional for the rest of July.

On the EURUSD, we see slow and overlapping price action which we think is a corrective pattern, most-likely a triangle. If that’s the case then wave (e) will look for a support around 1.3080 in the near term. A critical level however is at 1.2986 if maybe triangle will be even more complex and longer in time.

eurl july 19 2013 1h elliott wave technical analysis for currency trading forex

S&P was higher yesterday, but prices sold off during the Asian trading hours. Notice that the move from 1665 was made in three legs. Three wave structures are corrections, so we think that wave 4 is still underway, which could either be a flat or maybe a triangle if the price goes sideways for the next few trading days. Support comes in at 1660-1665.

sp july 19 2013 1h for technical elliott wave trading

Trade well,

Grega




About

Gregor Horvat is  based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market. Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success. Gregor Horvat Chief  Technical Strategist Website:  For more analysis visit our website and Try our services absolutely free for 7-days! http://www.ew-forecast.com/service//

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EURUSD Technical analysis July 19 2013 for forex trading
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