EUR/USD: Corrective Bounce To 1.2800 Before Pair Turns Bearish

EUR/USD: Corrective Bounce To 1.2800 Before Pair Turns Bearish

The Euro is still trapped in tight ranges around 1.2700 in the markets and it is more than obvious that the corrective rally that started at the beginning of June is incomplete.

Notice that in the recent sell-off, the market did not break through the lower support line of a corrective channel, which means that price did not confirm a downtrend continuation!

EUR USD Elliott Wave Analysis June 21 2012
EUR USD Elliott Wave Analysis – Click image to enlarge

Guest post by Gregor Horvat

So, for now we need to stay with current sentiment, tracking a double zig-zag headed to 1.2780 resistance area, before the market turns bearish.

Bottom line: the recovery is corrective and   weakness will come!

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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 His feature articles have been published on,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on 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!