Is EURUSD Making A Corrective Pullback?

Hello traders,

EURUSD is bullish for the last few months and is showing very sharp and strong price action. Normally that kind of personality represents an impulse which is a five-wave structure. Well, based on the latest developments and price data we think that there is room for more upside as this five-wave move can still be unfolding; ideally now only slowing down in wave four. Wave four will very often, find support at the area of at the previous fourth wave which in our case is around 1.1710, so this can be very nice support after wave C) of 4, right at the trendline support. I will be observing the price action very closely down there for any evidence of a resumption higher, as the next fifth wave can offer new opportunities on the long side if the market trades above 1.14 area.

EURUSD, 4h

Trade Well,

Grega

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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