EURUSD and GBPUSD Looking For Possible Turning Points

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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.

EURUSD, 1H

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.

GBPUSD, 1H

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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!

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