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EUR/USD could bounce from 1.2577 resistance – Elliott

The worse than expected NFP figures sent the USD down across the board, while metals turned up on Friday. The most of USD pairs are at some important levels based on the wave structure and that could be bearish for the buck in the weeks ahead. If you will check the daily charts you will see that the five wave decline on EURUSD and the five wave rise on USD Index are now in their final stages. However, those are forecasts for a longer period, so here we will focus on intraday charts where there is room for another leg up on the USD.

On EURUSD we can see a nice rally from the low, which is quite strong but it may belong to a larger and complex pattern. We are looking at wave (c) that can be part of a flat correction in wave 4. In that case, the pair can turn down from 1.2577.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis November 10 2014 technical trading foreign exchange

USDJPY is also trading south, but only with three waves for now that we see it as wave 4. We are tracking wave (c) now that can make an extensions even to the 112.50-113.10 area where former swings can turn into a support. We will look up for a wave 5 rally if we will get an impulse bounce from area of a support.

USDJPY 1h Elliott Wave Analysis

USDJPY Elliott Wave Analysis November 10 2014 technical trading foreign exchange

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!