Elliott Wave Analysis On EURUSD And German DAX Dec. 2015

1

EURUSD

The FX market did not go far recently as price action can be slowing down ahead of ECB on Thursday. But for now USD remains strong which means that EUR can still reach a new low, but we see a decreasing momentum within an ending diagonal so downside can be limited. Ideally pair will touch area around 1.0530-1.0500 from where we must be aware of strong turn up as ending diagonal usually predicts a powerful reversal.

EURUSD, 1H

eurusd 1

Interesting, German DAX can also be making an ending diagonal in wave (v) with another leg up in view before bulls can be finished. We see wave iv) now so wave v) can rally up to 11450 where bears can step in. Generally speaking, traders should be aware of a bearish reversal this week.

German DAX, 15 Min

dax 15

Get the 5 most predictable currency pairs

About Author

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!

1 Comment