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USD Trapped Inside A Triangle, EURUSD Will Face Resistance

The FX market is slow as USD trades sideways, probably within wave four as shown on the USD index chart below where we see an idea of a triangle pattern. That’s a continuation structure that can lift prices up to around 96.20 in the sessions ahead.

Elliott Wave Analysis – USD Index 1h  

USD Index Elliott Wave Analysis June 25 2015 technical chart

If the USD index continues higher, then EURUSD is expected to reach new lows as well. On the hourly chart of EURUSD we see a double zigzag unfolding in wave (b) that can be looking for resistance around 1.1250/1.1270 area later today, so be aware of a bearish turn.

Elliott Wave Analysis – EURUSD 1h

EURUSD Elliott Wave Analysis June 25 2015 technical chart euro dollar

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!