Elliott Wave Analysis On EURUSD And EURGBP

By: Gregor Horvat | Mon, Apr 11, 2016
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EURUSD

EURUSD is turning up ahead of the US cash market so looks like that US currency could be weak during US session today. We see wave b triangle near completion, but still need that push above 1.1425 that would open door for 1.1500 projected level for wave c-circled.

EURUSD, 1H

EURUSD 1-Hour Chart


EURGBP

EURGBP made sharp leg down earlier based on strong bounce on cable. However, weak EUR may stop here based on 38.2% Fibonacci retracement where pair can be looking for a base of a red wave 4). We expect red wave 5) to unfold this week, that may rise above to 0.8150, while 0.7948 invalidation level is not broken.

EURGBP, 4H

UERGBP 1-Hour 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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