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EURUSD in downward retracement towards big events – Elliott

The FX calendar is very busy today, with the most important ECB Rates decision at 11:45GMT and 12:30 Press Conference, and at the same time it’s also the NFP report. So, we believe the market could move strongly today, but it also can be unidirectional. Be aware of spikes and sharp reversals, so make sure to trade small with stops in place!

Technically speaking we see EURUSD in a downward retracement from 1.3700 that looks like a correction because of overlapping swings, so I would not be surprised to see a bullish reaction with a retest of 1.3700 if 1.3680 gives way. However, I am not betting on this, I am staying the side as news like today can be a big gamble.

EURUSD 30min Elliott Wave Analysis

EURUSD Intraday July 3 2014 technical elliott wave analysis ECB NFP day

 

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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!