Elliott Wave Analysis: SP500, EURUSD And GBPUSD
The S&P500 found support yesterday around 1853, at the lower side of a downward channel that is now pointing higher again as decline from 1187 unfolded only in three legs. A break above the upper trend like will open door for 1900.
S&P500 (Mar 2014) 1h Elliott Wave Analysis
While the S&P is showing bullish structure the USD remains weak. On EURUSD we have seen a nice reaction in this week from 1.3820/40 support that we have been focusing on. Current upward reaction is sharp with no overlaps so we assume that rally is impulsive with room for 1.4000 in sessions ahead. In the meantime, 1.3913 support must not be breached.
EURUSD 1h Elliott Wave Analysis
GBPUSD also turned up in the last 24hours after a five wave decline from 1.6783. Pair is already above wave (iv) swing so ideally we have seen a low at 1.6566 figure. In fact , rally from the lows is showing impulsive personality, so looks like pair is heading much higher. A coming intraday retracement will be wave (ii).
GBPUSD 1h Elliott Wave Analysis