EURUSD is turning sharply lower from the 1.1300 level where the pair has finally accomplished a big and very long sideways pattern in wave IV. It was a triangle which is now completed because of a decisive break beneath the blue wave D swing at 1.0847 level four weeks ago. As such, we are now even more confident that bears may gain more momentum at the start of a new week, making a decisive breach below blue wave B. At the updated chart we can see waves 1 and 2 completed, and if that is the case then more weakness may follow in the weeks ahead into wave 3. EURUSD, Daily EURUSD is in a strong bear trend for the last three weeks which is looking impulsive on the 4h chart, so we believe that the big consolidation since 2015 was a triangle in wave IV, now completed at 1.1300. As such, we are looking lower into wave V which has completed its first impulsive wave as wave 1-circled, followed by a three wave A)-B)-C) correction towards the at 1.0876 level, labeled as wave 2. Now we can see the price trading lower around the 1.0383 area, after a possible resistance for red wave 4) had been found at the 1.0477 level. As such, we believe this minor correction could now be finished and more weakness may be in play into the final red wave 5) of three. EURUSD, 4H 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! View All Post By Gregor Horvat Daily Look share Read Next EUR/USD: Set To Bottom Around 1.02 In 1-Month – Danske Yohay Elam 6 years EURUSD is turning sharply lower from the 1.1300 level where the pair has finally accomplished a big and very long sideways pattern in wave IV. It was a triangle which is now completed because of a decisive break beneath the blue wave D swing at 1.0847 level four weeks ago. As such, we are now even more confident that bears may gain more momentum at the start of a new week, making a decisive breach below blue wave B. At the updated chart we can see waves 1 and 2 completed, and if that is the case then more weakness… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
