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EUR/USD Daily

Elliott Waves on German DAX and EURUSD

German DAX

DAX is rising today following a bounce on the US stock market yesterday. S&P500 closed above 2000 after reaching a low of 1082 during the US session. It looks like stocks can be turning back to bullish mode, but we still need some more evidences to confirm higher prices. On DAX, we see a possible ending diagonal in wave C); ideally, it is finished, but a break out of the downward channel and overall with 10452 is needed for bulls.

DAX 1 (1)

EURUSD

If DAX will go up, then EURUSD should fall, so be aware of a limited upside on the FX pair. We are looking at ending diagonal within wave C), which is a reversal pattern, so I am wondering if EURUSD will fall tomorrow on FED rate decision.

EURUSD, 1H

EURUSD 1

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!