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EURUSD May Face Resistance, GBPJPY Trades Into a Triangle

We had one more push in EURUSD to the upside and we have to change the structure of our count. Nevertheless, we still hold our view that this is a potential wave E in triangle. We just modified the look of this last surprise and changed the structure into an A)-B)-C) move that is now facing resistance once again at 1.1040-1.1060. The EURUSD rally came in after the announcement that Greece reached a third bailout deal.  

EURUSD 30min Elliott Wave Analysis

EURUSD Elliott Wave Analysis August 11 2015 technical chart for currency trading forex

 

Yesterday I presented a triangle idea for GBPJPY and noted that we are looking up to 194 with wave wave D. This has happened in recent sessions so now we are even more confident that sooner or later the pair will break to a new high. We will be waiting on wave E for possible longs.

GBPJPY 4h Elliott Wave Analysis

 

GBPJPY Elliott Wave Analysis August 11 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!