EURUSD is coming significantly lower from earlier 1.2430, a swing high which might have been wave four so current leg down can be the final leg of wave c) that belongs to an Elliott wave flat correction. We realize that dollar is very strong, so we must be careful with calling a turn, but there are interesting support levels for sure on euro. I am tracking 1.2300 as first and 1.2200 as second support from where we may see a new turn to the upside.
Cable is in a sharp decline, but five waves down from 1.4277 suggests that eventually the market will rally in minimum three waves, but if we consider that whole decline from January high can be wave four, then we should be aware of an impulsive turn, especially if we get above 1.4 resistance.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.Get the 5 most predictable currency pairs