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Euro Advance Since April Low Looking Corrective, Be Aware Of New Sell-off

Currencies / Euro Aug 19, 2013 - 09:25 AM GMT

By: Gregor_Horvat

Currencies

EURUSD reversed higher few weeks back from around 1.2750 level, but recovery since early April still has a corrective look. With that said, we think that move is complex correction, probably a flat and that larger trend will continue lower, especially if we consider a five wave decline from 1.3700 and the start of the year. If we are correct then current bullish leg should stop somewhere around current 1.3400 -1.3450 resistance area.


EURUSD Daily: Elliott Wave Analysis

On the weekly chart we are also still observing the idea of a Head and Shoulders pattern which if correct, should be near completion based on the parallel trend-lines. This pattern is matching nicely with our Elliott Wave Count, but we still need some confirming price action to make sure that EURUSD is going south. With that said, we would love to see an impulsive fall back to 1.3000 level before bearish reversal can be confirmed! On the other-hand, we will have to change the outlook for the EURUSD if pair will continue higher in the rest of the year, towards 1.3700.

EURUSD Weekly: Head & Shoulder Pattern

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2013 Copyright Gregor Horvat - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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