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EUR/USD & Gold Intraday Elliott Wave Analysis

The USD pairs are still in consolidation mode on the intraday charts. However, the current tight ranges are in the middle of a USD trend. On the USD Index, EURUSD and USDCHF we see market in fourth waves from where new USD highs can be seen in the sessions ahead.

On the EURUSD chart below I see a nice bearish impulse that is expected to resume in the next couple of sessions. I see a completed extended wave iii followed by a corrective price action that can be an expanding flat in wave iv. If we are correct then the market should find resistance somewhere around 1.3550/1.3560.

EURUSD 1h Elliott Wave Analysis

EURUSD Intraday Elliott Wave Analysis July 18 2014

GOLD has recovered as expected in the last 24 hours. We have seen a nice deep rally back above 1320 that can be a corrective price action. The reason is previous clean five wave drop from 1345 to 1291 that confirms a bearish trend, so ideally the downtrend will resume back to 1291 in days ahead. Our count and outlook will get invalidated only if 1345 is broken.

GOLD 1h Elliott Wave Analysis

 

GOLD Intraday  Elliott Wave Analysis July 18 2014

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!