We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN +3.41% #BITCOINCASH +2.15% #ETHEREUM +4.35% #RIPPLE +0.93% #LITECOIN 2.35%
  • Amid escalating China tension, Australian Dollar risk reversals indicate that the bullish bias recently enjoyed by AUD/USD could soon unwind and pressure spot prices back lower. Get your $AUDUSD technical analysis from @RichDvorakFX here: https://t.co/ZAHEwxNrEW https://t.co/gWt401EkQI
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.62% 🇬🇧GBP: 0.50% 🇨🇭CHF: 0.42% 🇦🇺AUD: 0.21% 🇯🇵JPY: 0.09% 🇨🇦CAD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Gn0ub8TS6e
  • #Gold prices have continued to push higher as expectations have built for global Central Banks to remain very loose and passive with monetary policy for the foreseeable future. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/h5tF3kAZfd https://t.co/gVU4QoQjnv
  • White House says that Trump and Macron talked about COVID-19 and holding G7 meeting in person - BBG
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.77% Gold: 0.58% Oil - US Crude: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0LgQROzxEj
  • Is there? Tough assertion to back up... https://t.co/I0TLitj21j
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in US 500 are at opposite extremes with 76.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JWJfhVeAZH
  • RT @FedResearch: New #IFDPPaper shows how currency hedging links global imbalances to exchange rate determination, cross-currency basis and…
  • $AUD $AUDUSD | Australian Dollar Risk Reversals Slump as China Tension Heats Up (via @DailyFX) -Aussie bulls undermined by stalling call/put skew readings -Daunting confluence of technical resistance near 0.67 a threat Link to More: https://www.dailyfx.com/forex/market_alert/2020/05/28/audusd-aud-usd-price-outlook-australian-dollar-risk-reversals-slump-china-tension.html #FX #Forex #Trading https://t.co/Ra4EJHsyib
Using Elliott Wave Theory EUR/GBP is Near Support

Using Elliott Wave Theory EUR/GBP is Near Support

2016-05-26 14:42:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

EUR/GBP is sporting some clean waves from an Elliott Wave perspective. Since finding a low on August 5, 2015, prices have been advancing in impulsive fashion followed by corrective setbacks. It appears the correction that began on February 11, 2016 is nearing a termination point. If this interpretation and wave count is correct, then prices would be supported on a move up towards .8150.

According to the wave count below, we are anticipating a wave 4 low at yesterday’s low or with one more possible retest near .7560.

Using Elliott Wave Theory EUR/GBP is Near Support

[Image 1]

Wave 4 typically retraces approximately 38.2% of wave 3. That level comes into play near .7550. Likewise, the equal wave measurement from the April 7 high to yesterday’s low is near .7560. Additionally, the 200 Day Simple Moving average sits around .7519 (not shown). As a result, there are a variety of support levels arriving near yesterday’s low.

If correct, then we can anticipate another 5 wave move higher. Wave 5 would equal wave 1 near .8100. Wave 5 would be 61.8% of the length of waves 1 through 3 near .8150. So initial target levels can be set near .8100, though higher levels exist.

If prices trade below the wave 1 high of .7493 then this wave count in invalid and we’ll reconsider other patterns.

The risk to reward ratio on this opportunity is skewed to the positive. We’ve researched millions of trades and found that almost half of the traders (43%) turned a profit when implementing this simple technique of a positive risk to reward ratio. This is something that every trader has control over. Learn more about that tweak in pages 13-14 of the Traits of Successful Traders Guide [free registration].

To receive additional picks or articles on using Elliott Wave Theory, join Jeremy’s distribution list.

Check out the latest standings for the FXCM trading contest HERE.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.