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EURUSD: Broken Daily Trend-line puts The EUR in Bearish Mode

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May 13 2013

EURUSD fell sharply last week and closed well below 1.3034 swing low support which puts bearish price action in play. In fact, decline from 1.3195 was very strong and sharp which in many cases represents an impulsive wave and direction of a trend. As such, we need to respect this price action so we think it’s better to stick with the downtrend and look for possible short entries at this stage.

From an Elliott Wave perspective we are tracking one-two, one-two set-up with sub-wave (ii) now underway to 1.3020/50 resistance area.

The reason why we also expect bearish price action to continue is a broken channel line on the Daily chart as shown below. We however would turn bullish again only if we pass 1.3130 level.

Trade well!

EURUSD Intra-day


EURUSD Daily


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GBPUSD: Intra-day Waves Are Turning Bullish For Possible Re-test of 1.5600

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May 08 2013

GBPUSD is still trapped in 1.5450-1.5600 range where we can see only three waves down from last week high. Also notice that current intra-day rise extended above 1.5520 level which means that any previous bearish impulsive interpretation is now invalid. Therefore, we think that bullish price action is back in force with possible test of 1.5600 later this week. Five waves up from potential wave B) low will confirm the bullish view for the GBP; until then don’t chase; its no-man’s-land.

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May 07 2013; Stocks Futures

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May 07 2013

US and European stocks futures did not move much in the last few sessions so we will continue to look higher. We see room for further gains today as several market are still in fourth waves.

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GBPUSD Trying To Form A Bearish Reversal At 1.5600

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May 02 2013

On GBPUSD hourly chart we can count completed five waves up in wave C that shows signs of a top around 1.5606 because of ending diagonal in wave 5, divergence on the RSI and now also accelerating price action below the trading channel which suggests that pair is in early stage of a minor wave (iii) down. Further weakness today and tomorrow towards 1.5450 (typical third wave target) and daily close below that level would be a strong and very important sign for GBPUSD top.

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For more detailed analysis on GBPUSD please check our video from April 29th 2013.



VIDEO April 29 2013



USD Index Breaks Below 81.70 Which Opens The Door For 81.00

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May 01 2013

USD-index extended its losses yesterday and fell through 81.70 swing low from mid-April which makes a corrective decline from 83.50 much more complex than firstly thought. We are tracking a new five wave decline now from 83.20 which represents wave (C), final leg of a zig-zag in wave E that could look for a bottom around 80.80-81.20 area.



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US Stocks Futures Remains In Bullish mode

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Apr 30 2013

US stocks futures spiked lower earlier after bad Chicago PMI figures, but now market is reversing higher with prices moving through some important swing levels (red lines on the chart) which confirms the idea of a bullish outlook for at least one more high.

US Stocks Futures 30min chart (Russell 2000, S&P500, NASDAQ 100, DJIA)


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EURUSD Could Reach 1.3130 In Asian Session

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Apr 29 2013

EURUSD went sideways in the last few hours, which was expected after completed five wave rally. That five wave rally was most-likely a black wave iii as current 40 pip range trading appears to be a triangle, so it can be only wave four if we consider that market is trading impulsively higher today. With that in mind, pair could easily reach new high around 1.3130 in Asian trade if not earlier.

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eurusd760

www.ew-forecast.com
Gregor Horvat
Chief  Technical Strategist  


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