EUR/USD in a triangle - Elliott Wave Analysis

EUR/USD in a triangle – Elliott Wave Analysis

Interestingly, despite some interesting swings on stocks, the FX market remains in corrective mode. On EURUSD we still see a triangle placed in wave four from where we expect a break lower, maybe as a wave e) that can complete the pattern in the sessions ahead. However, the market is consolidating for a long time now, so we definitely need a break below 1.3350 to confirm a bearish view.

EURUSD 1h Elliott Wave Analysis

Our trailing stop has been hit on USDCHF for a small loss, but we may try again with longs soon as a decline from the high still has a corrective look. In fact, in the current leg down from 0.9100, labeled as wave c), that the market is making overlaps within a wedge pattern that can be an ending diagonal. Nice support comes in at 0.9000 psychological level.

USDCHF 1h Elliott Wave Analysis

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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