Home EURGBP Looks Bearish, while USDNOK Aims for Higher Prices – Elliott wave Analysis
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EURGBP Looks Bearish, while USDNOK Aims for Higher Prices – Elliott wave Analysis

EURGBP can be trading at the end of a big triangle correction in wave 4); pair which can look for more weakness once the lower triangle line and the 0.8751 level gets breached. Also, a triangle correction is a continuation pattern, that unfolds prior to the final leg, and can suggest more weakness once recognized. Triangles usually unfold in waves 4 and B and never in wave 2. That said, a drop in impulsive fashion will suggest a continuation towards 0.8700 area.

EURGBP, 1h

USDNOK made an impulsive bounce from 8.114 area, so seems like bulls are still in play after a deep three-wave A-B-C decline from 8.306 high. That said, we should be aware of more upside after current five-wave rally, but before pair may continue higher we may see a small three-wave corrective pullback that can test 8.20-8.15 support area. Even if price goes more complex we remain bullish as long as pair trades above 8.11 region.

USDNOK, 1h

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!