Elliott Wave Analysis: GBPUSD EURUSD March 14 2017

GBPUSD

On the intraday chart of GBPUSD we are observing a nice higher degree impulse in the making, with the price currently trading in final wave c. That said, final wave c may find some support in the next couple of sessions and make a nice reversal to the upside, ideally around the 161.8 Fibonacci ratio. A five wave move to the upside and a break above the 1.2250 level would indicate more upside to follow.

GBPUSD, 1H

EURUSD

On the hourly chart of EURUSD we can see a nice bearish breakdown taking place from around the 1.0716 high, where we labeled the end of a three wave rise in wave y-circled. Well, if the price continues to trade as expected and continues to drop, then regarding the higher time frame charts we could be in for a nice bearish ride. That said we still expect minimum expectations to show up, and in our case, we are now looking lower into a minimum three wave decline of waves i/a, ii/b and iii/c. Regarding the Alternate view, EURUSD could be only trading in a wave four correction, with still has more upside to go.

EURUSD, 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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