Elliott Wave Analysis on EURUSD and German DAX

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EURUSD

Good morning traders. Today from the news side we have CPI figures in Canada. No major news on other markets. Stocks are choppy and in some form of consolidation in the last few trading days with USD gaining over hawkish FED tone.

EURUSD is still on the downside path trading in the possible final moments of black wave 3, which may rebound around the 1.1161 zone, where Fibonacci ratio of 138.2 could react as a support and a turning point. After wave 3 is finished, resistance for wave 4 can come in around 1.1240 from where we expect the continuation of the current bearish trend towards 1.1100 price levels.

EURUSD, 1H

EURUSD 1

German DAX

As of DAX, the price is still trading in the triangle consolidation in black wave 4, which may be in its final stages. A possible resistance region for the last leg E wave up is around 9.960-70 zone with invalidation levels at 10.084, where the high of wave C is located. If the price breaks beneath wave D lows around 9.755, then this would be the first sign of more weakness ahead.

German DAX, 4H

DAX 4

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About Author

Gregor Horvat is  based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market. Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success. Gregor Horvat Chief  Technical Strategist Website:  For more analysis visit our website and Try our services absolutely free for 7-days! http://www.ew-forecast.com/service//

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