Is a downswing in the cards for EUR/USD?

August 8, 2016 09:04 AM
Elliott Wave Analysis: EUR/USD

After really strong U.S. data on Friday on most FX U.S. dollar-based pairs, we are seeing potential beginnings of the new uptrend. Stock markets are also higher on account of the strong data. The Fed will have one more reading before the September meeting, but the odds that they will move on rates have increased. Euro/U.S. dollar (EUR/USD) currency pair fell from out indicated levels on Friday. Current fall has several options and we are posting one of them, which could be a probable leading diagonal. 


EUR/USD, 1-hour

About the Author

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/