Elliott Wave Analysis On EURUSD

By: Gregor Horvat | Wed, Jun 1, 2016
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EURUSD is recovering as stocks turned lower, but pair has a nice three wave bounce so move should be considered as corrective. We are looking at wave four that can reach more upside ahead of ECB tomorrow. There is first resistance at 1.1216 followed by second one at 1.1243. Technical, this structure looks nice for possible short in sessions ahead, but I would be careful since 10 year US notes turned up. Bullish 10 yer US notes means lower yields which suggests lower USD as well. So with that been said, I would rather focus on some long JPY trades which can play-out better in this environment based on inter-market analysis and correlations.

EURUSD, 1H

EUR/USD 1-Hour Chart

10 Year US Notes vs EURUSD (more gains on 10 year can mean higher EURUSD)

10 Year US Notes vs EUR/USD

 


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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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