Home EURUSD & GBPUSD Trade Higher Ahead Of crucial FOMC
EUR/USD Daily

EURUSD & GBPUSD Trade Higher Ahead Of crucial FOMC

Today is the FOMC most important rate decision in years. The FED could lift rates, but in my opinion, chances for this are very slim; there is just too much risk involved. If they wanted to hike, then they should have done it a few months back, definitely, before the PBOC devalued their currency compared to the USD.

Technically speaking, we may see a first reaction against the buck today. On EURUSD hourly chart we see wave C up in progress, which can spike to a new high and complete wave (Y) of a complex correction around 1.1400.  We will be looking for a bearish turn in that region.
EURUSD 1h Elliott Wave Analysis

EURUSD Intra

GBPUSD is also looking for more gains after yesterday’s strong rally to 1.5530. Currently we see a price action within wave (iv) that could retrace back to the 1.5480 support area. A bounce can follow from there up to around 1.5560 to complete wave C.
GBPUSD 1h Elliott Wave Analysis

GBPUSD Intra

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!