Home Bearish trend for EURUSD – Elliott Wave & Evening
EUR/USD Daily

Bearish trend for EURUSD – Elliott Wave & Evening

EURUSD is turning down nicely as expected, away from the resistance line. Not only that; after yesterday’s bearish close, we see now an “evening star” formation on the daily chart, which is also another bearish structure as shown on the chart below.

EURUSD Daily Chart # Evening Star Pattern

EURUSD D

On intraday, we are tracking a very aggressive one-two, one-two bearish count that will send the pair down to 1.1180-1.1200 in the sessions ahead. More importantly, it looks like that EURUSD wants to make an overlap with 1.2300 which will put more weakness in play, as the rally formed at the begining of September would then be a completed in a contra-trend move. We are short on EURUSD with the latest stops at profit zone.
EURUSD 1h Elliott Wave Analysis

EURUSD I (4)

Check our Video Analysis here >> https://youtu.be/-n3ZfRfCKIU

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!