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EURUSD & USDCHF – Elliott Wave Tech

This week we have ECB and next week FED rate decision so we can expect volatility all around. In today’s news calendar we have German ZEW and US home sales.
On the intraday chart of EURUSD, we see the pair in a corrective pullback that is reaching already a possible resistance level at 1.13466. We see this move as a three wave pullback A, B and C with lower levels in view. Break beneath 1.13033 would be the first sign of more weakness.


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USDCHF is in trading to the upside, while EURUSD to the downside. Like EURUSD, USDCHF is trading in a corrective pullback, after recently completing an impulsive wave from intraday lows. We labeled this corrective retracement as a double zig-zag, that could be near completion, as the price is trading near some important fibonacci ratios( 38.2, 50.0, 61.8) that can react as a turning point into higher levels.

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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!