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EURUSD is up from Friday’s low but the question is for how long. The larger trend is still down and on the intraday chart we can see only three waves back up to the area of a former wave four. As such, traders must be aware of more weakness if 1.1543 is broken.

EURUSD 1h Elliott Wave Analysis

EURUSD Intraday Elliott Wave technical analysis January 19 2015 currency trading forex

GBPUSD might have already accomplished a corrective rally up in wave 4 after recent reversal down from around 1.5168. Notice that the decline is overlapping but it can be counted with five waves that can be a leading diagonal so more weakness could follow in sessions ahead.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1h Intraday Elliott Wave technical analysis January 19 2015 currency trading forex