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EURUSD: Temporary Pull-back Within Larger Downtrend – Elliott Wave

EURUSD found support on Friday after the NFP report, around the 1.3100 area from where we have seen an 80 pip rally back to the wave 2-wave 4 trendline.

Usually when this occurs it means that a five wave decline is complete and that the market reversed into a temporary correction. As such, we are now tracking an A-B-C retracement back to the 1.3225-1.3250 region before we may turn bearish again.

In that zone we can also see a former wave four that may react as a reversal zone and cause a new sell-off for the pair.

Euro_9913 September 9 2013 technical analysis elliott wave theory charts and graph

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!