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EURUSD Is Looking Bearish – Elliott Wave Analysis

Markets were mixed last week after the ECB decision and the NFP report. We have seen a strong move up on stocks at the same time when the USD was gaining across the board. It’s untypical positive correlation so it seems that the USD can be moving higher because of a weaker commodity market. The Commodity index S&P GSCI lost around 2.5% since June 20.

If the USD index is heading higher then the EUR will remain under pressure. I am looking for a five wave fall now with wave (i) at the support zone, so some recovery in the short-term is expected. I will be looking for a new sell-off from around 1.3620/1.3640 but after a visible 3-leg rally.

EURUSD 1h Elliott Wave Analysis

EURUSD Intraday 2014 July 7 technical elliott wave analysis

 

 

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!