GOLD Trades Higher, EURUSD Trapped Inside A Bearish Triangle

Gold bounced from the 1109 low yesterday, from the lower side of a downward channel which usually occurs after a corrective movement. As such, we assume that the precious metal made only a three wave pull-back from the highs; a temporary move that sends the price back to the highs for wave five of c of iv). Ideally, the metal will find resistance this week somewhere around 1130.

GOLD 30min Elliott Wave Analysis

EURUSD is trading lower from 1.1213 within a wedge pattern that can be labeled as a leading diagonal for wave A) that represents a first wave within wave (D) of a triangle. Usually each leg in a triangle will make 61.8% of the move compared to the previous leg, which means that the pair can move down to 1.0900-1.0950 area in days ahead. If we are correct then the current minor bounce is wave B) that will look for resistance around 1.1120.

EURUSD 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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