Forex Elliott Wave Analysis: EURUSD and GBPUSD
EURUSD is now finally showings signs of a short-term low after a bounce on Thursday from around 1.3650 after completed five waves down in wave (a). As such, we expect an upward recovery in three legs that may reach levels around 1.3770-1.3850 at Fibonacci retracement levels in this week. Once we will be able to count three legs up we will again look for signs of a bearish reversal down into a third leg of decline, beneath 1.3650.
EURUSD 4h Elliott Wave Analysis
GBPUSD found a support around 1.6730 from where we will now focus on a three wave rally as temporary low seems to be in place. We believe that current upward rally will unfold in corrective manner, that can either be wave 2) or wave B). In both cases we will look for a decline into a third leg down, ideally from around 1.6850-1.6900 resistance area.
GBPUSD 4h Elliott Wave Analysis