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EUR/USD could find support at 1.2360; USD/JPY looking for

EURUSD moved higher yesterday, above 12455 which was needed for a five wave advance from the lows. As such, we believe that EURUSD has found a temporary low and the that larger three wave recovery is on the cards, but after a corrective set-back is complete. We are looking now at potential retracement back to the former wave four, near 1.2360 where the pair could be looking for a support.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis December 11 2014 technical outlook for currency trading forex

USD also turned down against JPY in this week with room for more weakness that will likely occur next week. At the moment, we see a completed five wave fall from 121.84. So, a three wave retracement could be headed up to 119.90-120.14 resistance.

USDJPY 1h Elliott Wave Analysis

USDJPY Elliott Wave Analysis December 11 2014 technical outlook for currency trading forex

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!