USDNOK and EURGBP Update – Elliott wave analysis


Hello traders, and welcome to the US session updates.

On USDNOK we see a bullish cycle in progress, with price currently slowing down for a temporary wave iv correction. Wave four represents a pause within the trend, and in our case, it can reach the 9.19/9.11 possible support region, where Fib. The ratio of 38.2, the lower base channel line, and the 9.11 level of a former swing low can slow the bears down, and push the price into a new and final wave v.


EURGBP made a recovery from the 0.827 area, which we labeled it as part of a higher degree wave 4 corrections, and which resulted in a triangle. We can see that the price completed its correction at the 0.854 level, from where a strong drop started developing. This drop can be part of a wave 5, which can target the 0.820/0.808 region with its five-wave structure. That said, be aware of temporary pullbacks within a fifth wave.


Trade well,

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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 His feature articles have been published on,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on 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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