EURUSD & GBPUSD Elliott Wave Analysis - February 4 2015

EURUSD & GBPUSD Elliott Wave Analysis – February 4 2015

USD was down across the board yesterday, but up against the JPY because of a higher stock market. EURUSD jumped sharply yesterday and reached the 1.1500-1.1540 area that we highlighted yesterday. The market already turned slightly down from our Fibonacci resistance area, but the current leg down is definitely too small to confirm end of wave C in 4). We need a bearish impulse back towards wave B levels to confirm end of a corrective advance. I would be interested in shorts if we get a five wave drop from the high.

EURUSD 1h Elliott Wave Analysis

On GBPUSD we are also tracking a bearish pattern, but a triangle that can be near completion after a leg to the upper side of triangle range. However, wave E is very sharp, so we are not really sure if that’s a triangle. However, the count is still valid, but we would love to see a drop back towards 1.5000 in impulsive price action to confirm more coming weakness for red wave 5).

GBPUSD 1h Elliott Wave Analysis

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!

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