EURUSD Elliott Wave: Looking For Bullish Opportunities Within Accelerating Price Action

By: Gregor Horvat | Mon, Oct 21, 2013
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EURUSD accelerated to the upside in the last few weeks and touched 1.3700 few days back which means that pair is trading extremely close to January high so it seems that rally from 2012 low is still unfolding. We are tracking an updated which shows a completed running triangle in wave (B) followed by a recent push out of the pattern that is now pointing higher, for a five wave rise in wave (C) towards and above 1.4000.

EURUSD Daily

EURUSD Daily Chart

Keep in mind that this long term view is only a guide to our short-term trades.

On the 4h chart below we can see that EURUSD accelerated sharply to the upside in the last 24 hours after a break out of a downward corrective channel which was a trigger for a bullish move. As such, current trend is up, but as always pull-backs will occur in the middle of an uptrend which could be an opportunity to join the trend. We suspect that pair will reverse back in wave (ii) early next week before new strong move higher occurs.

EURUSD 4h

EURUSD 4-Hour Chart

We could be looking for long entries with our members this week.

Trade well!

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

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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