EURUSD pullback could create sell opportunity; GBPUSD set for

USD was higher in Asian session against the EUR following Greek votes results on speculation on a possible Greek exit from the Euro zone. EURUSD fell to a new low but not for long as the price is now already above that open gap. However, the bigger trend is still down on EURUSD, so we think that any rallies will be corrective. We are now looking at wave 4 that should be made by minor three waves. Ideally a pullback will take EUR back to 1.1350 from where we would be looking for a new sell-off, maybe even a new EPO.

EURUSD 30min Elliott Wave Analysis

GBP is stronger than EUR, but still weaker than USD which explains the slower bearish waves on cable, but still bearish. What we see is a minor fourth wave bounce from the low, but it may not last long as we are tracking the fourth wave that is expected to accomplish a short-term rally near 1.5060/70 area. Keep in mind that the trend remains down as long as 1.5211 holds.

GBPUSD 1h Elliott Wave Analysis

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!

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