Home EURUSD Trades near Resistance, USD Looks For Support –
EUR/USD Daily

EURUSD Trades near Resistance, USD Looks For Support –

The USD was down on Friday across the board, especially against the EUR, which rallied to 1.1350. However, the EUR gains may prove to be temporary. We are tracking a descending corrective price action with possible downward  swings. We are definitely interested in shorts, but we will wait for five waves of decline, before we can consider entries.

EURUSD 1h Elliott Wave Analysis
EURUSD I

At the same time, we need to keep an eye on the bullish head and shoulder pattern nearing completion as price trades around the lower parallel line taken from the left shoulder. This is a very powerful and bullish structure which confirms our bearish view on EUR.
USD Index 4h Elliott Wave Analysis

DXY 4h

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!