Back
5 May 2015
EUR/USD to see a bearish reversal this month – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to predict that EUR/USD might see a bearish reversal this month, expecting the pair to see resistance around 1.13-1.14 zone.
Key Quotes
“EURUSD turned up in March, but for now only with three waves back into the area of a former wave four. So we believe that rally is corrective, most likely of a black wave IV which is now trading also close to 38.2%. That's ideal Fibonacci level for fourth wave, so new bearish reversal could occur sometime this month. Technical resistance is seen at 1.1300-1.1400.”
Key Quotes
“EURUSD turned up in March, but for now only with three waves back into the area of a former wave four. So we believe that rally is corrective, most likely of a black wave IV which is now trading also close to 38.2%. That's ideal Fibonacci level for fourth wave, so new bearish reversal could occur sometime this month. Technical resistance is seen at 1.1300-1.1400.”