EUR/USD and GBP/USD signaling a change in trend

July 12, 2017 10:21 AM
Elliott Wave Analysis: EUR/USD & GBP/USD

The euro/U.S. dollar (EUR/USD) currency pair is moving quickly to the downside, which can be viewed as the third leg down. Ideally, we will see a five wave move to develop to the downside and a breach below the 1.1383 level in hours ahead. Maybe top will be locked in.

EUR/USD, 1 hour

The British Pound/U.S. dollar (GBP/USD) currency pair looks to have found a base near the lower channel line for a complex Wave B), which means current intra-day rally can be the start of a new bigger impulse higher. Ideally, Wave 1 is now unfolding and will in sessions ahead breach the upper channel line, which will then signal a change in trend. Another confirmation that bulls are taking over is a breach above the former swing X at 1.2984 level.

GBP/USD, 1 hour

 

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

 

 

 

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/