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EUR/USD ready for new lows, GBP/USD could rise before

Markets did not change much since last week. We see a bullish USD trend across the board, especially against the commodity currencies. However, EUR and GBP recovered last week, but those may turn bearish once again soon, so it can be a shift in positions from AUD, CAD shorts into new shorts on EUR and GBP.

On EURUSD we have seen a nice rally up to 1.2978 that showed a top formation on Friday. The price is now already testing a channel support line where a breakdown will make a room for new lows.

EURUSD 1h Elliott Wave Analysis

EURUSD September 15 19 Elliott Wave Analysis for currency trading forex major pair

On GBPUSD we also expect a downtrend resumption in days ahead, but we shall see new high first. There is still an open gap around 1.6330 that can be filled with wave C to complete wave 4) sometime this week.

GBPUSD 1h Elliott Wave Analysis

GBPUSD September 15 19 Elliott Wave Analysis for currency trading forex major pair

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!