Elliott Wave Analysis For EURUSD and GBPUSD
EURUSD is trading very slow, but pair however reached new lows so trend remains down, but the question is for how long. Low volume and slow momentum and the wave count suggest that we could see a bounce in price next week. Price is now also approaching to the lower side of a trading channel that may hold as a support so be aware a turning point, ideally from around 1.3700.
EURUSD 4h Elliott Wave Analysis
GBPUSD found some support in this week and recovered nicely above the upper trend line of a downward channel. We however need a decisive break higher and impulsive extension above 1.6654 key level that will confirm a low in place and bullish continuation for the next week.
GBPUSD 4h Elliott Wave Analysis
Written by www.ew-forecast.com
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
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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