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EURUSD & GBPUSD Making A Correction Within Downtrend –

The reaction to yesterday’s FOMC minutes were actually muted across the board, as we haven’t seen anything unexpected from the FED which will wait with raising rates for now even if the economic data will improve.

On EURUSD, the price held the daily lows and is now moving even slightly higher, above the Elliott Wave channel line so we suspect that five waves down are complete and that the pair is in a three wave retracement up in wave 2)/B) that can be looking for 1.1250-1.1300 before turning down again. Keep in mind that we see bearish trend and that current rise is only temporary.

EURUSD 30min Elliott Wave Analysis

EURUSD Intraday Elliott Wave Analysis May 21 2015
If EURUSD is in a corrective rally than cable can be doing the same. An updated count shows a completed five wave decline at the latest low, so the current bounce is temporary. We are tracking a double zigzag, labeled as (w)-(x)-(x) that can stop at the 1.5630-1.5670 area.
GBPUSD 1h Elliott Wave Analysis

 

GBPUSD Elliott Wave Analysis May 21 2015pdate

 

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!