EUR/USD Targeting 1.50 Psychological Level

Euro extended its gains in the past week against the US dollar after the ECB increased the interest rates. Pair broke through highs from Nov 2010, but even more importantly, it also moved above the falling trend line connected from 2008 highs.

Guest post by Gregor Horvat

As such, the bullish uptrend remains fully in progress within wave III targeting potentially even 1.5 psychological region in coming months; where you will also notice 161.8% Fibo extension, which is typical third wave target.

Meanwhile of course, the lowest support line of a trading channel must hold otherwise bias will likely change, with alternate count in view, which shows that a leg from start of 2011 is part of larger correction.

-uptrend in progress, support channel line must hold

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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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