Home EUR/USD Gains Slowed Down At 1.3700, But Only Temporary
Forex News Today: Daily Trading News

EUR/USD Gains Slowed Down At 1.3700, But Only Temporary

EURUSD has extended its gains on Friday but then stopped at 138.2% Fibonacci extension level of wave i) measured from the wave ii) low. In fact, the pair found resistance after five waves up from 1.3414 so this is actually a corrective retracement that should not be a surprise as we expect a pull-back of a red wave iv).

EUR USD Elliott Wave Analysis February 4 2013

With that said, keep in mind that pull-back will be only temporary at may find a base around 1.3550/80 zone.

Only a break beneath 1.3480 would invalidate the wave count and suggest that EURUSD is ready for a  sizable  decline.

Visit our website and Get more charts and forecasts with free access through 7-Day Trial Offer.

You can also follow us on twitter @ewforecast

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!