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EURUSD & GBPUSD Look For Correction – Elliott Wave

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

eurusd aug 31 2015 30min

 

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

 

GBPusd aug 31 2015 30min

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!