Search, Analyse, Trade” is a series of Price Action and Elliott Waves analyses. Its detailed step-by-step description can be found over here. I invite you to today’s review of selected currency pairs and potential trading opportunities. The analyses are based on the Dukascopy sentiment that you can get here.


EUR/USD pair managed to defend yesterday the lower limit of the support zone. Support defending can be the beginning of continuation of growth and re-test of the high. With this assumption, the entire fall as seen from above is completed with a simple correction. A lot will depend on the resistance test as it is just above the price. This is the high of a possible wave b. If it is defeated, increases should be continued. If, however, the level is rejected, the current upward movement can be treated as a higher range B wave and expected to fall on the basis of the C wave.

On the Ichimoku chart, we see that the pair is trying to get above the Tenakan line, which slowly becomes flat. If the pair breaks the line, the move towards Kijun will be possible. The Chikou line has bounced off the price and will soon come within its range. Breaking of the pair above Kijun will mean the end of the correction and an attack on the peak based on the fifth wave of last wave of growth.

The sentiment has changed since yesterday. The entire increase was used to open short positions and reduce long ones. If a setup appears on H4, you can play under the 3C wave.


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Not much changed since yesterday on the GBP/USD. The pair is still in the vicinity of the trend line and support zone. Yesterday’s Pin Bar allows us to think about correction, which should be the fourth wave in the C wave. If what is drawn from the top is only a simple correction, its ending should fall on the support just below the current price level. A possible drop should take place on the basis of the fifth wave and complete the C wave.

On the Ichimoku chart we can see that the pair found support in the form of the Senkou Span line A. Tenkan and Kijun lines are directed downwards. The support in the form of the Tenkan line was found by the Chikou line. Kijun line ahead of her. If the pair overcomes the upper limit of the cloud, we will be able to think about continuing declines towards Senkou Span B, or key support for this pair.

As in the case of the EUR/USD pair, there have been changes in the sentiment here. The number of long positions has decreased and shorts have been added. This arrangement of forces allows us to open short position. It is a pity that there was no such change two days ago when a perfect signal to play short appeared. Now we need to wait.

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