GBPUSD and EURUSD Look For Correction On Intraday

By: Gregor Horvat | Tue, Mar 10, 2015
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Despite recent decline and test of Fridays low we suspect that wave 4) correction is still unfolding. Ideally we will see an A-B-C rally up into one of resistance levels before market turns down again, through 1.5000.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-hour Elliott Wave Analysis Chart

EURUSD is at the lows, now at equality level of wave 5 compared to wave 1 where an extended red wave 3) could be looking for some support. From an Elliott Wave perspective we expect a three wave rally up in red wave 4) in the next couple of days, but need to see a decisive break above the upper line of a downward channel to confirm that temporary lows are in.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

 

 


 

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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