EURUSD Trades Higher, German DAX Looks For Support

EURUSD Trades Higher, German DAX Looks For Support –

The Yuan is down again, causing the biggest two-day sell off in Asian currencies since 1998.

At the same time we can see a deprecation of the USD against the GBP, EUR and JPY as stocks continue to trade lower.

On the German DAX we see a sharp extended leg down to 11000 today which looks like a wave (iii) of an impulsive decline from 11670. That said, the pair will likely move to even lower levels after a wave (iv) bounce that can occur today back to around the 11200 area. On the downside, we see support coming in around 10900.

DAX 1h Elliott Wave Analysis

EURUSD is trading higher, now very close to the highs from July 27 that will likely be taken out today. We see wave C in play now for 1.1170 equality level or 1.1240 (138.2% extension) where an uptrend can slow down this week. It seems like that big and ongoing triangle is going to be more complex.

EURUSD 1h Elliott Wave Analysis

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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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