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Short EUR/USD if it breaks 1.2470; NZD/USD could correct

The US dollar was sold-off across the board on Friday, as metals found support. However, despite some weakness on the USD Index, we still see USD pairs as only trading in a corrective phase. On EURUSD there is a three wave recovery from 1.2355, so a leg from 1.2396 can be wave (c) as part of a wave 4. Notice that the price is already trying to turn down from the resistance line, so ideally we will see more weakness in the sessions ahead. I would personally like to see EURUSD back beneath 1.2470 for a possible short opportunity.

EURUSD 1h Elliott Wave Analysis November 17 2014 technical chart

EURUSD 1h Elliott Wave Analysis

NZD was one of the strongest currencies last week; it recovered with five waves against the USD, but we know that after every five waves a correction follows, so we may see some moves in the dollar’s favor at the start of the week. Ideally the pair will make a three wave retracement back to 0.7820 support.

NZDUSD Intraday Elliott Wave Analysis November 17 2014 technical chart

NZDUSD 4h Elliott Wave Analysis

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!