Tracking USD Long Set-Ups While EUR Is Below 1.3450 and

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We can see some USD strength at the start of this European morning coming back into the market: a move which has been expected based on the latest intraday price action.

We were looking for a three wave move down on USDCHF with our members, and so far we can see that pair nicely found a bottom around 0.9190 from where we can see some encouraging upside reaction.

Looks like we could be heading back to 0.9290, and possibly 0.9330 this week.

USDCHF 1h

usdchf aug 26 2013 Elliott Wave analysis for currency trading forex

EURUSD is also now reversing from our »do or die« level placed at 1.3400, but still need a channel break and impulsive structure (five waves down) from above 1.3400 to make sure we are going lower.

EURUSD 1h

eurusd aug 26 2013 Elliott Wave analysis for currency trading forex

For now we are sitting on our hands: no official trades, but we are watching USDCHF, EURUSD and AUDUSD very closely for possible USD long set-ups.

But at the moment however, I think it’s too soon for trades, it’s still only Monday and also holiday in the UK, so I believe it’s better to wait on more price action and see it then if USD rally has already began or no, and then go with the flow.

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About Author

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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