EURUSD and GBPUSD Intraday: Elliott Wave Analysis
EURUSD is higher after worse than expected Retail Sales data in the US. USD sold-off across the board, in-line with US stocks in pre-market trading while metals found a support. Well, EURUSD turned up from a new low, that could be treated as a low of a fifth wave. But we always have to try to label the wave count so that we stay with a trend, which is still down. Also, another thing is that red wave 5) would be very small which would not be so typical if we consider that red impulsive red waves 1) and 3) were much larger. With hat said, I suspect that EURUSD is still making either a flat correction in red wave 4) or a triangle if price will stay sideways.
EURUSD 1h Elliott Wave Analysis
GBPUSD is up, higher within current red wave 4) that is now trading at lower side of our 1.5270-1.5320 resistance area. As you know we are now tracking subwave C which is final leg in red wave 4) so market could turn down in sessions ahead, ideally back beneath 1.5160 that will open door for 1.5000/1.5030.
GBPUSD 1h Elliott Wave Analysis