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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.

2020 EURUSD GBPUSD USDJPY
26
Oktober

Wave Analysis After breaking above the upper trendline, Euro is showing signs of sustaining this breakout. While the price is held above this trendline, we are looking for nothing but a possible momentum to the upperside with an ultimate target fixed around 1.19660. If you are looking at this char

Wave Analysis Ealier today, the British pound continued straight to the lowerside but is yet to reach or target set around the lower trendline. On this chart, the idea is to keep looking for long term sell positions with an ultimate target around the lower trendlne. If you are not already in a sell

Wave Analysis The Us dollar is still being held below the immediate upper trendline but above the lower trendline. As we said previously, we are still looking for long term sell positions on this chart, our expectations is that the price should continue to the lowerside and should breakout below 10

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