Elliott Wave February 1 2017 GBPUSD and EURUSD

Today should be a busy day for the markets with a potential sharp move as we have Manufacturing PMI coming out from the UK at 09.30, then you have ADP Non-Farm Employment Change at 13:15 and ISM Manufacturing PMI at 15.00 out from US followed by Crude Oil Inventories 15mins later. The most important however, will be FOMC Statement and rates decision at 19.00GMT. We however do not expect anything new from the FED, but as always it will be tracked closely regarding hawkish/dovish tone. Trump wants a lower USD to help exporters, so I’m wondering if they will try to depreciate the dollar. Technically speaking, there is no evidences yet that downward correction on the USD is over. In fact, I have few majors here which are looking for more upside against the buck on their intraday charts.

GBPUSD made a strong turn up yesterday, so it appears that was an impulse that will cause more buying today for the pound to lift it back to around 1.2673 highs. However, wave two can see another dip down to 1.2520 support before uptrend may resume.

GBPUSD, 1H

EURUSD is also turning to the upside with an impulsive price action from 1.0620 low. We see more gains in the sessions ahead as the current pause near 1.0800 looks like a correction for wave four so wave five can see a rise to 1.0850/60.

EURUSD, 1H

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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