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Traders are awaiting the ECB today that will surely move the market. We see USD still positioned very strongly, so we do not expect any changes yet. There is room for more EURUSD weakness, and even more downside available on cable.

On EURUSD prices slowed down, but most likely only within a fourth wave that can be an irregular formation with wave c) now trading towards 1.2343 resistance, from where the downtrend may continue.

Update:  ECB Live Blog – QE or no QE?  

EURUSD 1h Elliott Wave Analysis

eurusd Elliott Wave Analysis December 4 2014 technical outlook for currency trading

GBPUSD also shows a bearish pattern, a triangle placed in fourth wave that can be near competition as wave E already retraced to above 1.5700 from where we could see new downward pressure. However, as long as 1.5618 and 1.5580 holds, the range will stay in play, so invalidation levels remains placed at 1.5767 and 1.5825. As long these holds we expect a break lower.

GBPUSD 1h Elliott Wave Analysis

gbpusd Elliott Wave Analysis December 4 2014 technical outlook for currency trading