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EURUSD Breaks Out Of the Range, Now Headed to

EURUSD finally broke out of a sideways price action into wave C); earlier than we thought but still in our primary direction.

This wave C) has now room for even higher levels, towards 1.3250/1.3300 where we will be looking for evidences of a completed rally from 1.2745.

Keep in mind that whole recovery is probably corrective) and that larger downtrend will most-likely resume by the end of this month.

EUR USD Elliott Wave Technical Analysis April 17 2013

 

A sharp fall from Fibonacci resistance levels and through support channel line will put pair back in bearish mode.

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!