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 1-Hour Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, 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 www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple 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.

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