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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

EURUSD 4h Elliott Wave Analysis January 7 2014 currency trading forex

 

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

GBPUSD 4h Elliott Wave Analysis January 7 2014 currency trading forex

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