EURUSD and GBPUSD Elliott Wave Analysis

By: Gregor Horvat | Tue, Apr 15, 2014
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EURUSD has been trading to the upside last week after broken channel line connected from 2014 highs with impulsive price action from 1.3671. As such, we think that current leg from the low is start of a larger uptrend that may touch 1.4000 in April. Therefore current retracement from 1.3900 is probably just a short-term corrective pullback that may look for a support around 1.3760-1.3820 zone.

EURUSD 4h Elliott Wave Analysis

EURUSD 4-Hour Elliott Wave Analysis Chart

Cable has turned bullish at the end of March and even accelerated up to 1.6800 last week which suggests that big corrective retracement has bottomed at 1.6462, labeled as blue wave (4). As such, we anticipate new high for wave (5) that may reach levels even around 1.6950-1.7000. Notice that we adjusted the wave labels from numbers to letters within wave (5) which is fine as we are tracking an expanding diagonal on a daily chart. At the moment we are looking at sub-wave X) that may look for a support around 1.6700.

GBPUSD 4h Elliott Wave Analysis

GBPUSD 4-Hour Elliott Wave Analysis Chart


 

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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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