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EURUSD & GBPUSD Downtrend Continuation – Elliott Wave Analysis

EURUSD is at new lows after recent a minor consolidation which was fourth wave as mentioned on our past updates. Based on the strong decline we assume that the current fifth wave can extend towards 1.1500 or even the 1.1400 area. For now the trend is still down, but we need to keep an eye on any rallies in an impulsive fashion. A recovery back above 1.1700 could be important evidence for a low in place.

EURUSD 4h Elliott Wave Analysis

EURUSD 4h Elliott Wave Analysis January 16 2015 technical chart for currency trading forex

 

GBPUSD made a strong move down from around 1.5682, in five waves that we think it’s an extended red wave 3) now finished, and that the pair will move even lower after a corrective bounce. Well, the market turned nicely up since Friday so we see the price already in a deep fourth wave that can be looking for a top in the next few sessions. Ideally the price will drop back to the lows, into wave 5) of (5) that can hit 1.5000 in days ahead.

GBPUSD 4h Elliott Wave Analysis

GBPUSD 4h Elliott Wave Analysis January 16 2015 technical chart for currency trading forex

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!