Higher Bonds Means Higher EURUSD - Elliott Wave Analysis

By: Gregor Horvat | Fri, Sep 27, 2013
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US bonds are still pushing higher, now at the new high of the week within wave 5 of 3) targeting 121.26 on 5year and 126.70 on 10 year US noted. Correlation with USD is still negative so EUR remains supported as bonds rise. We however could see a retracement next week as we know that after every five waves correction follows. This will be a corrective wave 4) then.

US Bonds

US Bonds 4-Hour Chart

EURUSD is now finally accelerating to the upside which we suspect its wave iii in red wave v) that is expected to reach levels above 1.3600 in the next few sessions and probably higher after that if we consider that move from 1.3460 should unfold in five waves. Trend on euro remains bullish as long as market trades above 1.3472.

EURUSD 1h

EURUSD 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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