EUR/USD support seen at 1.1750, GBP/USD at 1.5000

EUR/USD support seen at 1.1750, GBP/USD at 1.5000 –

EURUSD is already at the lows, which means that wave 4) is probably done near 1.1970 so wave 5) is now in play for lower levels. We are looking for a potential weakness to 1.1750 where the market could be looking for some support, especially as we see the price in late stages of an impulsive weakness from 1.2570.

EURUSD 4h Elliott Wave Analysis

GBPUSD broke to a new low, so we now see the price already in the fifth wave of decline: the final leg within wave five of a larger degree which means that the downside can be limited. We are looking at 1.5000 psychological level, +/-50 pips, where pair could be looking for a bottom. However, any bullish prices will be confirmed only when cable breaks above 1.5320.

GBPUSD 4h Elliott Wave Analysis

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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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