Markets are slow and choppy for some time now, and with low liquidity (due to the closure of the US equity market) we think that EURUSD will not break out of this range so soon. But when it will, this will most likely be to the upside, if we consider that pair has turned bullish this summer. EUR USD Elliott Wave Analysis – Click to enlarge On the chart below we can see that pair found support a few sessions back around 1.2880, at the trend-line connected from 1.2800 swing from late September. Notice that today’s rise is quite sharp on the intra-day basis which has also extended through the falling channel line. We think that this is very important, because if the price will close above resistance today, then the trend would turn into a temporary bullish mode. Why temporary? Because we are tracking a triangle and in such case any rally up to 1.3100 will represent wave D), still only the fourth leg of a triangle pattern. However, we need five of them, so our special focus should be on wave E) low once gets underway. Nevertheless, there is still plenty of time until then, so we must be patient, and wait on more price data before we may even consider opportunities to the upside. To hear and learn more about triangles, please review the video below. Have a good day! Get full members access in a less than a minute!! No Credit Card required, no obligations! Click here for a FREE 7-day trial 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! View All Post By Gregor Horvat Opinions share Read Next Forex Daily Outlook October 31 2012 Anat Dror 10 years Markets are slow and choppy for some time now, and with low liquidity (due to the closure of the US equity market) we think that EURUSD will not break out of this range so soon. But when it will, this will most likely be to the upside, if we consider that pair has turned bullish this summer. [caption id="attachment_38791" align="alignright" width="400"] EUR USD Elliott Wave Analysis - Click to enlarge[/caption] On the chart below we can see that pair found support a few sessions back around 1.2880, at the trend-line connected from 1.2800 swing from late September. Notice that… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
