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EURUSD Recovering Towards 1.3700 – Elliott Wave Analysis

Risk-on trend is in play since yesterday’s FED press conference. The S&P is at new highs while the DAX is lagging a bit, but it looks like that continuation will be to the upside on European stocks as well.

At the same time we can see USD moving to the downside, which has been technically expected already since start of the week. Based on the latest strong reaction we suspect that USD will stay in bearish mode for the next couple of days.

On the EURUSD chart below we can finally see the pair showing us bullish swings with impulsive personality after the recent extensions to 1.3640. This looks like a wave three of three in progress that could slow down around 1.3650 in the short-term. However, any pullback in three legs will be considered as a corrective wave within the ongoing trend.

We expect EURUSD to continue towards 1.3700 as long as market trades above 1.3580, short-term invalidating level.
EURUSD 1h Elliott Wave Analysis

eurusd intraday technical elliott wave analysis June 19 20 2014

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!