Hello traders, and welcome to the US session updates.
On USDNOK we see a bullish cycle in progress, with price currently slowing down for a temporary wave iv correction. Wave four represents a pause within the trend, and in our case, it can reach the 9.19/9.11 possible support region, where Fib. The ratio of 38.2, the lower base channel line, and the 9.11 level of a former swing low can slow the bears down, and push the price into a new and final wave v.
EURGBP made a recovery from the 0.827 area, which we labeled it as part of a higher degree wave 4 corrections, and which resulted in a triangle. We can see that the price completed its correction at the 0.854 level, from where a strong drop started developing. This drop can be part of a wave 5, which can target the 0.820/0.808 region with its five-wave structure. That said, be aware of temporary pullbacks within a fifth wave.
The EW-ForecastGet the 5 most predictable currency pairs