Elliott Wave Analysis: EURUSD and GBPUSD
|Good morning traders!
We haven’t seen much of the moves recently as markets awaits FOMC rate decision and press conference later today at 18.00 GMT. Technically speaking the US dollar remain bearish ahead of the event and it may see more weakness if we consider the price action on EURUSD and Cable.
On EURUSD we are tracking a triangle, currently still in wave d but near resistance here at 1.2000, so be aware of another sharp leg down; ideally wave e which may retrace even for 100 pips before bulls may finally cause a break to the upside, but only if market remains above 1.1835.
EURUSD, 1H
Cable is also in a corrective phase, ideally in a fourth wave now which may see 1.3330-1.3380 zone from where I would expect a new turn up for a fifth wave rally.
GBPUSD, 1H
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