EURUSD Bulls Could Extend Up to 1.3900 – Elliott Wave Analysis

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EURUSD is bullish for the last few weeks with accelerating price action from 1.3470 so we suspect it represents a black wave 3 in progress that may extend even up to 1.3900 with five subwaves. Right now price could be slowing down in wave (iv), but only temporary as we will look for a push up in wave (v) in this week. Support for current pull-back comes in around 1.3760.

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