Home EURUSD Undergoing A Three Wave Reversal; While USDJPY Breaking
Daily Look

EURUSD Undergoing A Three Wave Reversal; While USDJPY Breaking

EURUSD is showing us a nice reversal in progress, with a current drop lower being wave C) or 3) that can see even more weakness. Ideally the current fall will extend towards the Fibonacci ratio of 161.8, where bears can temporarily slowdown. But if the price keeps trading lower, and eventually reaches the former wave 4) at 1.1291 region, then we expect a five wave move lower for the pair rather then a normal A-B-C.


USDJPY is making a nice breah higher, which we labeled as black wave one in the making with an extended fifth sub-wave. Ideally, this fifth sub-wave will find a top and make a reversal lower around the Fibonacci ratio of 161.8.


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!