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Elliott Wave Analysis: EURUSD and EURGBP

EUR did not move much since Friday, but we still think that bears can be seen, as the recovery from Feb 21 looks to be corrective. A three-wave bounce that got rejected from 61.8% Fib. level. However, we are still waiting on 1.0537 break to confirm a continuation beneath 1.0500.

EURUSD, 1h

Euro can also get weaker against the pound as rally from 0.8400 is in three waves at the moment. It can be a corrective zigzag pattern that is now at interesting 0.8520-0.8540 resistance. A reversal from here and back below 0.8470 will suggests that market is still in a downtrend.

EURGBP, 1H

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!