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EURUSD : patience before going short; GBPUSD has some

The EURUSD has sold-off during Asian hours following announcement that ECB will no longer accept Greek government bonds from banks seeking funding. EURUSD is down and extended a decline from that 1.1500-1.1540 resistance. However, despite weak prices we do not see five waves down yet, so we need to be patient and firstly see wave 1 in place, before we may consider any shorts in upcoming wave 2.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis February 5 2015 technical chart for currency trading foreign exchange

GBPUSD is also showing a three wave rise from 1.4948, but there is room for more upside within the current wave C) that can reach levels around 1.5300 before we may finally look for a bearish turn. A current slow move around 1.5200 looks like a wave 4 within wave C) so coming new leg up can be final within a contra-trend rally from Jan 23rd.

GBPUSD 1h Elliott Wave Analysis

GBPUSD Elliott Wave Analysis February 5 2015 technical chart for currency trading foreign exchange

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!