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EURUSD is at new lows after recent a minor consolidation which was fourth wave as mentioned on our past updates. Based on the strong decline we assume that the current fifth wave can extend towards 1.1500 or even the 1.1400 area. For now the trend is still down, but we need to keep an eye on any rallies in an impulsive fashion. A recovery back above 1.1700 could be important evidence for a low in place.

EURUSD 4h Elliott Wave Analysis

EURUSD 4h Elliott Wave Analysis January 16 2015 technical chart for currency trading forex

 

GBPUSD made a strong move down from around 1.5682, in five waves that we think it’s an extended red wave 3) now finished, and that the pair will move even lower after a corrective bounce. Well, the market turned nicely up since Friday so we see the price already in a deep fourth wave that can be looking for a top in the next few sessions. Ideally the price will drop back to the lows, into wave 5) of (5) that can hit 1.5000 in days ahead.

GBPUSD 4h Elliott Wave Analysis

GBPUSD 4h Elliott Wave Analysis January 16 2015 technical chart for currency trading forex