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EUR/USD: correction to 1.3500 before a move down –

EURUSD reversed sharply to the downside in the last few days, clearly in five waves from above 1.3800 with a daily and weekly close price beneath the channel line connected from July’s lows.

This break indicates a change in trend, and possibly a completion of a larger three wave rally in wave E. But as always we are focused on minimum expectations for the next few days and weeks, and that is a three wave decline from the top which is also expected on the alternate count which shows an incomplete wave E from 2012 low.

Sentiment table:

sentiment eur November 13 2013 up before down

 

EURUSD 4h chart:

eurusd. technical elliott wave analysis forex trading currencies online November 12 2013

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!