Home GBP/USD set to fall to 1.58, EUR/USD to 1.26 –
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GBP/USD set to fall to 1.58, EUR/USD to 1.26 –

The USD remains in bullish mode, showing some strong waves against GBP and CAD while the price settled down a little on AUDUSD. On commodities ,crude oil remains weak, while metals are now also finally turning down from resistance.

Below we have a chart of GBPUSD that is falling within wave iii) which has room for a decline to 1.5800 in the sessions ahead. The invalidation level is 1.6050 but even a rally above 1.6000 would already threaten the bearish look. But for now, trend remains down.

GBPUSD October 15 2014 Elliott Wave Analysis currency trading forex
GBPUSD 1h Elliott Wave Analysis

EURUSD is also down, but not as much as GBP. However, on EURUSD there is still room for 1.2600/1.2580 in the short-term, either that is wave (iii) or wave (c).

EURUSD October 15 2014 Elliott Wave Analysis currency trading forex
EURUSD 1h Elliott Wave Analysis

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!