EURUSD: Corrective Pause Within Uptrend Is Pointing Towards 1.3860/1.3900

EURUSD is bullish in the last few weeks but now it is also trading sideways around the 1.3800 area which is nothing else than just another corrective pause within a larger uptrend.

We suspect it’s wave (iv) that is part of an incomplete five wave rally in wave 3 from 1.3470. As such, sooner or later pair should accelerate to new highs, which will be a fifth wave of 3 that may reach levels around 1.3860/1.3900 later this week.

Meanwhile we also need to keep an eye on the 1.3700 level where our impulsive bullish count would become invalid as wave (iv) must not trade into the territory of a wave (i).

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!

View all posts by Gregor Horvat