Elliott Wave Analysis: EURUSD and GOLD

By: Gregor Horvat | Fri, Mar 17, 2017
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EURUSD

On the intraday chart of EURUSD we are looking at a nice fall taking place, from around the 1.0778 region, from where the previous five wave impulse ended. As such the broken lower channel line is an indication for a completed impulse, and an indication for a three wave move to be in progress. Current fall may find its region of support around the 38.2/61.8 Fibonacci ratio.

EURUSD, 1H

EUR/USD 1-Hour Chart


GOLD

On the updated chart of GOLD we still see a five wave move to the upside being made within wave C, as part of a three wave correction. If price trades as expected, then we may see some resistance take place, around the 1236 level, where previous wave 4) can act as a turning point lower.

GOLD, 1H

Gold 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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