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EURUSD in bearish swing play: USD/JPY Wave C still

Commodity currencies are weaker than EUR or CHF, but even these are bearish against the buck. On EURUSD we see a bearish reversal now in play to lower levels after the recent decline to 1.2680 that invalidated any bullish impulsive wave counts as we talked about yesterday. We see a bearish swings in play on EURUSD now, possibly with an impulsive price action back to the lows of the year.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis October 10 2014 technical chart for currency trading Intraday

USDJPY is moving sideways as the currency pair doesn’t know if it should be tracking the falling stock market or the rising USD. Well, we see wave c) still unfolding, with wave v coming to complete an ending diagonal in wave c) in the near term. A bounce from the lows and back above 108.00 or 108.73 would be a nice bullish turn for the pair.

USDJPY 1h Elliott Wave Analysis

USDJPY Elliott Wave Analysis October 10 2014 technical chart for currency trading Intraday

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!