EURUSD Is Testing 1.3100 Resistance From Where Price Could

EURUSD extended another 200 pips higher since Friday, so now we are even more confident that a low on EURUSD is in place.

This was expected because of an ending diagonal, reversal pattern placed in wave 5). The recovery from the 1.2747 low is very strong, so we think it represents only one part of a larger recovery that could extend up to 1.3200 in April.

At the moment we are tracking wave A) that is already testing the important 1.3050-1.3100 resistance area back from mid-March where there was also a gap that occurred on 18th of the moment, so this zone could cause a reversal in price.

As such, we would not be surprised to see a top formation around current levels followed by a corrective pull-back in wave B) back to 1.2900-1.2950 zone (NFP report zone) in the next few days.

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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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