Elliott Wave Analysis: EURUSD and SILVER

By: Gregor Horvat | Thu, Jan 19, 2017
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EURUSD spiked down to 1.0600 but that's still not enough to put a top in place, simply because reversal from recent high is not that strong. In other words, current leg down can easily be wave four as well as a more complex ending diagonal! So, at this stage it will be important to see a daily close price; below 1.0580 would mean that pair is headed lower, while rise back above 1.0700 would indicate another push up to 1.0740/60 before market may finally come down. But generally, however, I believe that eventually EURUSD will resume its longer downtrend; sometimes it’s just tricky to call end of a complex corrective rally.

EURUSD, 1H

EUR/USD 1-Hour Chart

Silver reached our projected zone this week near 17.25 at triangle measurement from where strong turn lower has occurred in the last 24 hours. It looks like a strong downward reaction, so wave 5) completed wave 1 of a higher degree, about I warned you a few days back. If we are on the right track, then bearish three wave retracements are now in play, ideally back to 16.50-16.60 area.

SILVER, 1H

Silver 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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