Home EURUSD Elliott Wave Intra-day Update

EURUSD Elliott Wave Intra-day Update

Markets are slightly in risk-off mode with Asian shares trading lower after Apple released weaker-than-expected results. We can also see some EUR weakness after higher unemployment numbers were reported in Spain; more than 25%. Spain yields should continue to the upside, into a wave (c) rally which will cause bearish pressure on the EURUSD.

EURUSD Elliott Wave October 26 2012
EURUSD Elliott Wave Analysis – Click image to enlarge

EURUSD extended nicely into a new low which was expected after only three waves up to 1.3022 as highlighted yesterday. We are looking at the whole decline now from 1.3140 that appears incomplete, but corrective. We are observing a double zig-zag in wave Y with more weakness to come while 1.3022 holds. 1.2850 will be a strong support; trend-line connected from October 1st.

Both S&P-cash and German DAX Futures are still in a risk-off mode within incomplete corrections from September highs. It now seems as price is now in a (b) wave of a second zig-zag. Resistance for S&P is at 1422-1434, and on DAX futures 7255-7335.

DAX Elliott Wave Analysis October 26 2012
DAX Elliott Wave Analysis – Click image to enlrage

Traders, we are still sitting on the side-line; no trades for now. Actually many pairs are still in a range-bound mode and we definitely do not want to get stuck into this. However, if you have more aggressive approach, then we recommend smaller position sizes as normally. Take care, Grega.


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!