Elliott Wave Analysis On GOLD And EURUSD

By: Gregor Horvat | Thu, May 12, 2016
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GOLD

Gold is higher at the moment after earlier three wave drop which appears to a completed corrective set-back that is now pointing up to 1288 equality level, but ideally this is going to be a sharp leg up into black wave 3 towards 161.8% placed near 1300. Invalidation level is at 1256; we are bullish as long as it holds.

GOLD, 1H

Gold 1-Hour Chart


EURUSD

EURUSD found some intraday support earlier around 1.1375 where we think pair might completed wave B so we stay bullish for that important 1.4080 level; NFP spike that can be retested before real strong bearish price action comes in play. We might be interested in shorts around that area.

EURUSD, 1H

EUR/USD 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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