EURGBP and EURUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Mon, Nov 24, 2014
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A sharp decline from 0.8035 on EURGBP suggests a completed leg from 0.7795 that has unfolded in three legs. We labeled that recovery as wave (c) which means that triangle pattern is again a valid and very probable count corrective wave 4. If we are on the right track then we should see more weakness down in current wave (d), possibly to around 0.7840 and then wave (e) rally before market breaks down into wave 5. I could be looking for shorts on this pair after wave (e).

EURGBP 4h Elliott Wave Analysis

EURGBP 4-Hour Elliott Wave Analysis Chart

EURUSD is in pullback mode, now already with three waves up at 1.2420 which is quite close to our highlighted resistance area on the chart. As such, pair can turn down very soon, but ideally from 1.2450/60 zone. Invalidation level is at 1.2503.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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