Elliott Wave Analysis: EURUSD and GBPUSD

EURUSD

EURUSD is moving slightly to the upside since the pair touched a new low, but a bigger structure still shows a sideways price move presumably wave 4) that can be a flat that will seek a top near 1.0700 area. The second possibility is also a triangle in the fourth wave if the pair will not exceed 1.0654. In either case we see EURUSD still in a corrective move that will send prices back to the downside this month.

EURUSD, 4H

GBPUSD

On the 4h chart of GBPUSD we are observing a bearish structure at the moment that should unfold in three waves in black wave B. We see some nice support for this decline to come in around 1.2080 which can be triggered after the current subwave B is finished. An updated count shows the price making a minor reversal at the 38.2 Fibonacci ratio, which could also prove to be a region of resistance. That said sub-wave B may be completed.

GBPUSD, 4H

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!

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