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Elliot Wave Forecast – EURUSD

EURUSD touched a new high yesterday ahead of the FOMC press conference but then it turned sharply lower from the 1.1300 area which we highlighted as an important resistance a few times in our past updates. Notice that the recurring fall came from that 1.1300 »Trump level «; a spike from November, when Trump won US presidency.

An updated count shows an ending diagonal on the 4h chart; a powerful reversal pattern that can cause a strong drop in the rest of the month. So technically speaking, it appears that the euro can see deeper levels now, especially if we consider that three waves down minimum should be seen. From a trading perspective, I will pay attention to that red broken trendline that may turn into a nice resistance on a pullback, after wave 2)/B).

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!