Forex Elliott Wave Analysis: EURUSD and GBPUSD

By: Gregor Horvat | Mon, May 19, 2014
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EURUSD is now finally showings signs of a short-term low after a bounce on Thursday from around 1.3650 after completed five waves down in wave (a). As such, we expect an upward recovery in three legs that may reach levels around 1.3770-1.3850 at Fibonacci retracement levels in this week. Once we will be able to count three legs up we will again look for signs of a bearish reversal down into a third leg of decline, beneath 1.3650.

EURUSD 4h Elliott Wave Analysis

EURUSD 4-Hour Elliott Wave Analysis Chart

GBPUSD found a support around 1.6730 from where we will now focus on a three wave rally as temporary low seems to be in place. We believe that current upward rally will unfold in corrective manner, that can either be wave 2) or wave B). In both cases we will look for a decline into a third leg down, ideally from around 1.6850-1.6900 resistance area.

GBPUSD 4h Elliott Wave Analysis

GBPUSD 4-Hour Elliott Wave Analysis 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, but before that he was working for Capital Forex Group and His feature articles have been published on:,,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on for Best Forex Analysis in 2016. At 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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