EURUSD: Price In A Corrective Bounce

By: Gregor Horvat | Wed, Oct 14, 2015
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EURUSD is trading higher at the moment after the price broke above the trendline connected from 1.1714 swing high. Usually when this happens it suggests two things; first that trend is changing or second, that move from the low is going complex. In our case we believe it's a complex correction from 1.1080 which still can be a three wave move, currently with wave C) headed higher to re-test 1.1460 from where price may turn lower this week.

EURUSD, 4h

EURUSD, 4-Hour Elliott Wave 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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