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EUR/USD: Larger Trend Is Up (Elliott Wave Analysis)

The decline from 1.3170 down to 1.2660 is a three wave move. Three wave patterns are corrective waves, part of a larger trend which is clearly bullish from 1.2030.

Therefore we believe that EURUSD will continue higher, ideally into wave (C) within a five wave rally after a 1.3170 break which we think might  happen in the next few weeks while 1.2660 holds.

EUR/USD Elliott Wave Analysis December 10 14 2012
EUR/USD Elliott Wave Analysis – Click image to enlarge

If we are correct, then reversal seen last week from above 1.31 is only wave 2) pull-back.

If for any reason 1.2660 would be breached, then wave (B) would become even more complex than firstly thought, but still as a part of an uptrend.


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!