AUDUSD Nears the Support line, EURUSD Could Move Higher:

AUDUSD fell to new lows, beneath 0.7 after a worse than expected Australian GDP data (0.2% vs. 0.4%). The pair is in the fifth wave, so despite poor figures, we must be aware of a bounce in price in the coming days. Keep in mind that the fifth wave is a final leg within a larger downtrend, but a bullish turn can be confirmed only if the rise will be impulsive. For now that is not the case so the pair can remain weak around 0.6950. Our EPO was closed for 110 pips gain.

AUDUSD 1h Elliott Wave Analysis

The EURUSD is slow, still trading in a corrective recovery. We are tracking a double zigzag which might reach the 1.1400 zone before the EUR can finally turn down, ideally tomorrow during the ECB press conference.
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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