Elliott Wave Analysis On EURGBP And EURUSD

By: Gregor Horvat | Wed, Oct 19, 2016
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EURGBP

EURGBP is moving nicely lower since we called a break out of a bearish triangle yesterday. We see pair now testing 0.8900 swing low from October 06 which is expected to be broken by a daily close price that will then open room for targets at 0.8820 and 0.8748. while 0.9057 is not breached.

EURGBP, 1H

EUR/GBP 1-Hour Chart


EURUSD

EURUSD is at a new low, but for now only with a small intraday spike, with no real bearish momentum yet, so we are considering the idea that this can be wave B as part of a flat correction as decline to a new low is made by three waves at the moment. However, it's a little bit early for this call of a flat formation in wave 4), but tomorrow is ECB which usually causes an unexpected reaction so a spike up to 1.1057 before going down would not surprised me at all. Anyhow, todays bearish close beneath 1.0940 will likely suggests that price is dropping within wave 5).

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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