Intraday Elliott Wave Analysis For EURUSD and GBPUSD

By: Gregor Horvat | Mon, Jun 30, 2014
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The price action on EURUSD is just awful these days. However, we have seen some upward swings in the last few sessions, so it looks like pair could be trading towards 1.3700 in this week. In fact, I finally put together a solid wave labeling that shows now third leg up in progress, that can be either wave c) or wave iii). But that's not relevant at this stage as both legs can be targeting 100% projection level, while 1.3575 holds. We will start observing some bearish scenarios if 1.3575 is taken out.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

Cable is moving higher which can be another impulsive cycle in play heading up towards 1.7100, maybe even to 1.7130 where bulls can slow down as we are tracking wave 5, part of a larger five wave movement.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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