EUR/USD in a triangle; GBP/USD in complex correction

EUR/USD in a triangle; GBP/USD in complex correction –

Markets are very slow, but in risk-on mode during the last few sessions with a lower USD across the board. However, the buck seems to be consolidating, which means that sooner or later the larger USD trend may resume, maybe by the end of the week.

On EURUSD we see a sideways price action that looks like a triangle maybe already done in wave B, so wave C could reach new highs soon, above 1.2900 where we anticipate a completion of wave 4).

EURUSD 1h Elliott Wave Analysis

GBPUSD is also up, but only within a complex corrective pattern since start of October. We see a flat forming in wave 2), now already in the final stages with wave C that can be looking for a top around 1.6225 in this week. We will keep an eye on any impulsive sell-offs that would confirm a change in trend from bullish to bearish mode.

GBPUSD 1h Elliott Wave Analysis

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!

View all posts by Gregor Horvat