Elliott Wave Analysis On German DAX And EURUSD

By: Gregor Horvat | Thu, Nov 10, 2016
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German DAX

US stocks found some resistance in the last 30mins or so, probably for a new corrective retracement which is not a surprise as we see a lot of indexes trading at the end of fifth wave moves. Here we have DAX, now turning south for a pullback, ideally back to 10550.

German DAX, 1H

DAX 1-Hour Chart


EURUSD

We see EURUSD trading in fifth wave down from 1.1300 highs, so it can be time for a new pullback in three legs, especially if we also consider that pair is trading very close to October swing low where I guess are a lot of stops, so once they are cleared market may bounce. Ideally bounce will be only temporary, wave two that can then look for a perfect resistance at 1.0990-1.1030 area.

EURUSD, 30Min

EUR/USD 30-Minuite 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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