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EUR/USD and GBP/USD both look bearish: Elliott Wave Analysis

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

 

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!