EURUSD and GBPUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Dec 4, 2014
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ECB left rates unchanged but real focus is now on current press conference where Draghi said that they discussed about QE and seem like he is supportive for the policy, so recent EURUSD rally to 1.2415 is now turning down from resistance, while German DAX found some support near 9870.

Technically speaking we see potential three waves up on EURUSD with irregular correction, so weakness could continue. Of-course bulls are possible, but keep in mind that just 5 or 10mins of bullish candle is definitely not enough for any confirmed bullish reversal. For something more significant you want to see a daily close price. Basically any rallies can be corrective as long as price is beneath wave 4 high of 1.2504.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

Not much of change on cable, pair is slow around 1.5700 so we see corrective price action still in play, but near completion with wave E. If not today, then breakdown could follow tomorrow after NFP report.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

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/

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