The USD recovered nicely against the EUR last week, clearly with five waves down, which means that we are turning bearish again on EUR. However, first we need a three-wave bounce, before we can look for more weakness. Well, price can already be in a correction, but there is room for a 1.131-1.1370 correction before a downtrend may finally resume. Ideally, the pair will fall later this week.
EURUSD 30min Elliott Wave Analysis
GBPUSD is showing a very similar price action; the pair seems to be forming an A-B-C correction in wave (2) which may find a top at 1.5510 resistance of the former wave (4). Today is also a holiday in the UK, so the pair can be slow, an ideal timing for a correction.
GBPUSD 1h Elliott Wave Analysis