Has EUR/USD topped? Elliott Wave Analysis

On the intraday chart of EURUSD, we are observing a nice five wave movement taking place from the 1.1046 level as part of black wave C of Y), with an extended structure in the fifth wave. As we see on the chart a reversal to the downside could be just around the corner, as the price almost reached our 261.8 Fibonacci reversal zone.

That said, a decisive break beneath the lower corrective channel line could indicate that a top is in place and that lower levels may follow.

EURJPY

On the EURJPY, current consolidation we see as a triangle with an ongoing wave E which can find its resistance around the 113.40-60 region from where a reversal lower may occur.

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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