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EUR/USD could face more weakness after the bearish impulse

The USD moved sharply lower yesterday but some pairs are already reversing those moves. On EURUSD we have seen a strong bearish turn in the last two sessions so our view for the EUR remains negative.

On the chart below we can see a three wave move up from 1.0520 that found a top at 1.0747. Note that market is making a bearish impulse from that high, so more weakness could come in the sessions ahead. If we see break of 1.0600 then our attention will be on wave 2) for shorts.

EURUSD 1h Elliott Wave Analysis  

EURUSD  1h Elliott Wave Analysis April 16 2015 technical chart

USDCHF is looking bullish as well. The decline from 0.9863 can be finished if we consider a strong bounce from 0.9603. We however still need that channel break and rally through wave B to confirm a continuation higher.

USDCHF 1h Elliott Wave Analysis

USDCHF Intraday Elliott Wave Analysis April 16 2015 technical chart

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!