EUR/USD, GBP/USD showing weakness – Elliott Wave Analysis

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EUR and GBP are showing some weakness today against USD at the start of the EU session, but we see pairs in wave B as part of a correction. If we are correct then EURUSD is going to rally up to 1.1800 to complete a zigzag before turning down, while cable can be making a flat correction with resistance seen at 1.3057.

EURUSD, 1H

GBPUSD, 1H

Let’s check quickly the precious metal.

Metals are very strong for the last 48 hours, with gold trading at new high of the month after a completed complex decline down at 1251 this week. So far that’s quite a strong and interesting rise, an impulse that is approaching our 1282-1288 projection level where bulls may slow down for a three-wave set-back to 1270-1273 supports.

GOLD, 1H

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About Author

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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