EUR/USD and EUR/GBP Elliott Wave analysis: Have room for more upside

Gregor Horvat Wavetraders

EURUSD is slow, so we are still tracking the two wave counts, but both suggest that this is a fourth wave correction from November lows. In the near term, however, both showroom for more upside for subwave C, but the question is if this will be part of a triangle or higher degree three-wave recovery. In either case, we think that important resistance levels to track are at 1.1350 followed by 1.14.

EUR/USD 1h Elliott Wave analysis count1

EUR/USD 1h Elliott Wave analysis count2

EURGBP is coming nicely to the upside; trying to bounce away from 0.8490 area where flat correction can be finished so there can be much more upside coming in sessions ahead. If for any reason 0.8490 level is broken then we would look for a more complex pullback but still corrective that can bottom late around 0.8445.

EUR/GBP 1h Elliott Wave analysis

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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