Elliott Wave Analysis On EURUSD And GOLD

By: Gregor Horvat | Thu, Jul 7, 2016
Print Email

EURUSD

EURUSD is trading quite nicely to the dowsnide, recently breaking the lower corrective channel line, suggesting that a new bearish cycle is underway. As such the first impulse down si blue wave i, and its contratrend movement may be wave ii, which is midway through its completion. This correction in wave ii may reach the Fibonacci ratio of 61.8, before again making a reversal lower.

EURUSD, 1H

EUR/USD 1-Hour Chart


GOLD

As expected, gold is turning down following a completed five wave rise from 1337 to 1375 that accomplished wave five of a higher degree. We see some strong bearish intraday momentum coming in which may drive price back down to former wave four, at 1337, and even lower if we consider that bigger corrective set-back can be in the cards based on the 4h chart.

GOLD, 1H

Gold 1-Hour Chart

 


Interested in our services ? We have a Special Offer : Get First 2 Months For The Price Of 1!! Grab the opportunity now at www.ew-forecast.com

 


 

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/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com