Search ForexCrunch

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

EURUSD Elliott Wave Analysis January 26 2015 technical forecast for currency trading

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

GBPUSD Elliott Wave Analysis January 26 2015 technical forecast for currency trading