Elliott Wave Analysis EURUSD and USDCHF May 7 2016

EURUSD

On the intraday chart of EURUSD we are tracking an impulsive drop, with a completed sub-wave three at recent low. As we know, after every five wave move, a three wave contra-trend movement follows, so the recent bounce up to around 1.1215 could be the first leg of a new minimum three wave corrective retracement in blue wave iv that may ideally find resistance around the formal red wave iv) near 1.1230 zone.

EURUSD, 1H

USDCHF

On the USDCHF pair we are observing a nice impulsive intraday action that should continue even higher based on recent developments with overlapping and slow price action that we labeled as wave 4, which may send the price to a new high in the sessions ahead. There is room for 1.0000 while market trades above 0.9800.

USDCHF, 1H

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!

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