Elliott Wave Analysis: EURUSD Trading In A Temporary Corrective Wave 2; Some Resistance May Be Seen Around 61.8 Fibonacci Ratio

Gregor Horvat Wavetraders

On the 4h chart of EURUSD, we are observing a nice bearish reversal taking place, with price turning down from 1.0828 where we think that wave 4) found a top. Reason for a bearish view is a break below the trendline support and push beneath 1.0620 swing which opens door for much lower levels in impulsive manner. That said current bounce is most likely part of a wave 2 correction, which can see limited upside. At the moment we see pair trading in second wave b.

EURUSD, 4H

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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