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EURUSD Searching For A Bounce

19th October 2017   ·   0 Comments

Elliott Wave Analysis: EURUSD Searching For A Bounce

Written Gregor Horvat | 2017-10-18 10:08:45 GMT
EURUSD made a sharp and overlapping drop in the last couple of trading sessions, which we identified it as a complex correction. We can see that price may be ending this complex seven leg correction around the 1.1739 region, from where a new intra-day rally is already seen. A five-wave recovery and a breach above the 1.1820 level would indicate a bullish reversal.

EURUSD, 1H

EURUSD

We may see price falling on the EURUSD, but bear in mind, drop from 1.1880 region is overlapping and corrective and does not resemble an impulse (clear five waves, with no overlaps).

Here is an example of an impulsive wave:

EURUSD

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.


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Gregor Horvat


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