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This forecast is based on the Elliott Wave Principle which states that investor psychology is the motor behind the stock markets. In this analysis however, the analyst not only observes the previous price patterns, but also takes into account the correlation between different pairs before releasing forecasts.

Elliott-Wellen Analyse für Forex

Support and resistance system should only be used in a higher timeframe chart, like one hour and above. This is necessary because at such a higher time frame, brokers cannot manipulate the price to my disadvantage.

How I draw strong support and Resistance

Before I call a level strong, the same level must met the following conditions.

  1. Must have been used as a support before.
  2. Must have been used as a resistance before.
  3. There must be a big candle that broke through it at one point in the past!

Again, when drawing my support and resistance levels, I use a range, not a single line, this is because price tends to test particular level before retrieving, range caters for these levels.


Wave Analysis During the previous trading day, the impulsive wave (5) continued to the upper side an even hit the resistance level 1.09875-1.10190. As long as the price is not able to clearly break and close above this zone, we are waiting for a second bounce from it to pick a long term sell order

Wave Analysis After establishing a support around 1.20920, the British pound pulled back to the upperside and even hit the 50.0% fib level. While the price is not able to clearly break beyond the 50.0, we're expecting a possible momentum to the lowerside and should break beyond 1.22090. A break be

Wave Analysis During the previous trading, both the impulsive waves (5) and (E) continued to the upperside but could not break beyond the upper trendline, while the price is held below this trendline, we're still sellers. A break below the supportive trendline will be a good chance to pick a long

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