EURUSD Elliott Wave Analysis: Completed Five Wave Rally Puts Prices Into A Corrective Retracement

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EURUSD 4h Elliott Wave Analysis
EURUSD was trading higher for almost whole last week but then found resistance on Thursday and Friday when pair declined for almost 100 pips. This reversal in price should not be a surprise as the wave pattern shows a five wave rally from 1.3105 swing, so correction has obviously been expected. Corrections are three wave pattern that usually retraces back to the wave four termination point. In our case that comes in around 1.3475 so pair could fell further in days ahead or at least stay sideways.

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