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EUR/USD: Two Scenarios, Both Bearish – Elliott Wave Analysis

We have seen some moves against the USD in the last 24 hours but still nothing significant, so these legs can be part of corrections that are now taking place within a larger USD trend.

On EURUSD we are still looking at the idea of a triangle pattern that we showed you yesterday. For now, resistance for wave (c) at 1.2510 holds very well, but we still would need a decline through the 1.2391 bearish level to confirm a straight move down into wave 5.

EURUSD 1h Elliott Wave   Count #1

EURUSD Bearish scenario number 1 for euro dollar trading November 12 2014 technical outlook for currency trading

 

The second count for EURUSD shows the idea of a zigzag in wave 4 that would come in play only if 1.2510 is taken out. In that case we will keep an eye on 1.2540-1.2580 resistance area, where the pair could look for the  end of recovery.

EURUSD 1h Elliott Wave Count #2

EURUSD November 12 2014 Bearish scenario number 2  for euro dollar trading technical outlook for currency trading

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!