Forex majors look for correction

Elliott Wave Analysis

EUR/USD

The EUR/USD fell to a new swing low but that does not mean that wave (b) correction is already completed. Corrections after such a sharp fall liek we have seen from 1.3992 are usually more complex and they will tend to retrace for around 38.2%. That's now the case on the EUR/USD yet, so we assume that wave (b) is still unfolding as irregular correction. Ideally, we will see an expanded flat with 1.3770 yet to come before market turns down for (c).

EUR/USD 4-hour Elliott Wave Analysis

 

GBP/USD

GBP/USD has recovered nicely in the last couple of days in three waves after a completed five waves of decline from 1.6995 or 1.6728. Pair reached our mentioned levels around 1.6900 where current recovery may slows down. For a bearish confirmation we need a reversal back to 1.6800 that will make room for further weakness down in wave 3)/C) towards 1.6600.

GBP/USD 4-hour Elliott Wave Analysis

 

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