EURUSD set to turn down, USD has bullish structure –

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European shares are still under pressure today as Greece’s international bailout program is set to expire, suggesting that the country could default. EUR has recovered nicely and filled the gaps across the board, but we don’t think that it will continue higher.

From a technical perspective we only see a three wave rise on EURUSD in play now which could lift the pair up to around the 1.1300-1.1400 area where wave E) could complete a big triangle formation. As such, we see the current bounce as only temporary and will turn bearish once three waves are done.

Elliott Wave Analysis EURUSD 1h

EURUSD Elliott Wave Analysis June 30 2015 technical forex trading

Our reason for being bearish EURUSD is a bullish structure on the Dollar index with five waves up since mid-June. Notice that yesterday market turned down sharply, but most likely only into wave (A) of a three wave set-back that may complete a decline near 94.50.

Elliott Wave Analysis USD Index 1h

DXY Elliott Wave Analysis June 30 2015 technical forex trading

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About Author

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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