Home EUR/USD could turn south next week; GBP/USD could bounce
Forex News Today: Daily Trading News

EUR/USD could turn south next week; GBP/USD could bounce

The USD is mixed across the board: it is looking bearish against the AUD, bullish against CAD and GBP but sideways against the EUR. So basically the direction of the USD is sideways, and usually it means that the FX market is in a corrective phase.

On EURUSD we showed you two wave counts yesterday, both corrective which means that sooner or later the pair should get back to the bearish track. Well, today we have seen a nice bounce from around 1.2425 that can actually be the end of a wave e) of the (b) triangle, so ideally we will see a wave (c) rally up to the 1.2520-1.2560   resistance area. If we are correct, then EURUSD should turn south next week.

EURUSD 1h Elliott Wave Analysis

eurusd November 14 2014 technical Elliott Wave analysis for currency trading charts

GBPUSD is in an impulsive fall this week and it looks like there is room for more downside as the decline from 1.5945 is still not in five waves. We see wave (iv) now in play that can make a pullback to 1.5700-1.5720 resistance before downtrend resumes.

GBPUSD 1h Elliott Wave Analysis

gbpusd November 14 2014 technical Elliott Wave analysis for currency trading charts

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!