EURUSD: Temporary Pull-back Within Larger Downtrend

EURUSD-4h-Elliott-Wave-Analysis1

EURUSD 4h Elliott Wave Analysis
EURUSD found a support on Friday after NFP report around 1.3100 area from where we have seen 80 pip rally back to the wave 2-wave 4 trendline. Usually when this occurs it means that five wave decline is complete and that market reversed into a temporary correction. As such, we are now tracking an A-B-C retracement back to 1.3225-1.3250 region before we may turn bearish again. In that zone we can also see a former wave four that may react as a reversal zone and cause a new sell-off for the pair.
Written by www.ew-forecast.com | Try EW-Forecast.com’s Services Free for 7 Days at http://www.ew-forecast.com/service

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