Intraday Elliott Wave Analysis For EURUSD and GBPUSD

By: Gregor Horvat | Mon, Jun 30, 2014
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The price action on EURUSD is just awful these days. However, we have seen some upward swings in the last few sessions, so it looks like pair could be trading towards 1.3700 in this week. In fact, I finally put together a solid wave labeling that shows now third leg up in progress, that can be either wave c) or wave iii). But that's not relevant at this stage as both legs can be targeting 100% projection level, while 1.3575 holds. We will start observing some bearish scenarios if 1.3575 is taken out.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

Cable is moving higher which can be another impulsive cycle in play heading up towards 1.7100, maybe even to 1.7130 where bulls can slow down as we are tracking wave 5, part of a larger five wave movement.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-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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