Picture of the author

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.


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 The previous day's rally saw euro close as a bearish pin bar. However, on the 4 hour chart attached, we're likely to see a momentum to the upperside. Thus, while there's an active sell on the daily chart, we're actually waiting for price to rise above the upper trendline to pick a lo

Wave Analysis The cable is currently trading within a contracting wedge formation. As long as the price is contained between the two lines forming this wedge, we're only interested in trading reversals, basically, we're waiting for a bounce from the supportive trendline to buy the last impulsive wa

Wave Analysis For sometimes now , the corrective wave [b] has been on the bearish end, but is currently approaching a key weekly support 107.999. This level is not only a weekly support, but also a daily support. As long as the price is contained above it, this is a good place to look for a buy f

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
© 2004—2019 FreshForex – Forex broker
manager photo manager photo
We will be pleased to answer any questions you may have


Get bonus