EUR, GBP, AUD and others recovered yesterday against the USD after China provided 500 bln Yuan liquidity to 5 largest Chinese banks. However, the reaction on EURUSD has been limited quickly by the 1.3000 psychological resistance area. Technically speaking, we got that push up into wave (c) of 4 that we were looking at. Now we can count a completed contra-trend pattern from the low so the downtrend may resume soon. A break of that channel support line puts bears in control for 1.2850.
EURUSD 1h Elliott Wave Analysis
GBPUSD also recovered and now filled the gap from last Sunday. This gap can now turn into resistance and send the price down very soon. We already have three legs up, so a correction can be near completion. A move back beneath 1.6220 will be an important sign for a new shift on intraday-trend.