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Elliott Wave Analysis: EURUSD and GOLD
On the intraday chart of EURUSD we are looking at a nice fall taking place, from around the 1.0778 region, from where the previous five wave impulse ended. As such the broken lower channel line is an indication for a completed impulse, and an indication for a three wave move to be in progress. Current fall may find its region of support around the 38.2/61.8 Fibonacci ratio.
On the updated chart of GOLD we still see a five wave move to the upside being made within wave C, as part of a three wave correction. If price trades as expected, then we may see some resistance take place, around the 1236 level, where previous wave 4) can act as a turning point lower.