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Eur/Usd Reaches A Two Weeks High – Approaches New Levels

US stock market closed very weak yesterday as prices reversed from its daily highs in the second part of trading session. However, this did not confuse some of the Asian stocks, NIKKEI, HIS and China which all trade in the green territory.   As such, current downtrend on the US dollar will likely continue through the next few sessions, especially against the Eur, as Eur/Usd moved into a new two week high.

eur usd elliot wave December 14Guest post by  Gregor Horvat

On the chart below we can see that Eur/Usd broke above 1.3430 region which confirms a bullish count with wave 2 corrective pull-back in place at 1.3180 region. We anticipate further upside in coming sessions and days, towards 1.3600/50 Fibonacci target region. Any three wave retrace within this uptrend should offer a long opportunity, while pair trades above 1.3180 new critical support zone!

This article is update from our video outlook published on Sunday here

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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!