EURUSD Could Move Above 1.3600 - Elliott Wave Forecast

EURUSD Could Move Above 1.3600 – Elliott Wave Forecast

EURUSD closed above the 1.3500 figure last week. This suggests more upside this week. The reason for the bullish outlook in the short-term is a sharp rally from the 1.3320 low which appears to be a third leg within a third based on the personality of the move.

Recently a third leg has stopped at 1.3565 so we suspect that the current contra-trend movement is wave iv) that could look for completion around the upper trendline of a base channel.

Keep in mind that the larger trend is up and that the uptrend could resume soon into wave v) of (iii) towards 1.3620. This outlook remains valid as long as the 1.3384 level is not breached.

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!

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