EUR/USD and GBP/USD Elliott Wave analysis

Gregor Horvat Wavetraders

EURUSD is coming much lower with an extended and accelerating price action away from 1.1607 that looks like an impulse so we are aware of more downside after rallies. Ideally, pair is already making a new corrective rise, a fourth wave that can find resistance near 1.1350-1.14 area.

EUR/USD 4h Elliott Wave analysis

Cable is coming to the downside as expected, now already at a new low that we see it as wave 5) of higher degree wave C. It can be late stages ahead of an important bullish reversal, especially if we consider RSI divergence, but for now the pair still has room for 1.3250-1.33 fifth wave projection, so we are patiently waiting for a potential bounce.

GBP/USD 4h 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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