Home Elliott Wave Analysis on EURGBP and GOLD
Daily Look

Elliott Wave Analysis on EURGBP and GOLD

EURGBP

The pair that we will have on our radar screen for a bearish price action is EURGBP which seems to be in a corrective pattern since mid of July. An updated structure shows an A-B-C rise in progress with a possible triangle placed in wave B that can be near completion. Ideally, the pair will move up to 0.8470, from where bears may start to get stronger.

EURGBP, 1H

eurgbp 1

GOLD

Despite the very strong leg up to 1335 at the end of last week, bulls are not ready to take control just yet. We are looking at an updated wave pattern which shows that weakness is not done yet as the price is now approaching 1311 low, from where we expect a spike to around 1300 psychological level. Psychological levels can also be very important for reversal, so traders need to be aware of a new bounce this week.

GOLD, 1H

gold 1 (3)

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!