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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.

2019 EURUSD GBPUSD USDJPY
23
Juli

Wave Analysis: After breaking below the support zone 1.12105-1.2028, euro is yet to pullback to the upperside towards the same zone, as long as the price remains below this zone, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of

Wave Analysis: Instead of continuing to the upperside as previously forecasted, the cable pulled back to the lowerside retracing back to the lowerside, we're waiting for a buy from the supportive zone 1.24536-1.2440. As long as the price remains above this zone, we're waiting for a bounce from thi

Wave Analysis After breaking below the supportive trendline, the US dollar retraced back to the upperside but is currently rallying around the same trendline. This is the best place to look for long term sell orders with an ultimate target at 107.126. The idea is to wait for a clear sell signal fr

22
Juli
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