GBPUSD and EURUSD Look For Correction On Intraday
Despite recent decline and test of Fridays low we suspect that wave 4) correction is still unfolding. Ideally we will see an A-B-C rally up into one of resistance levels before market turns down again, through 1.5000.
GBPUSD 1h Elliott Wave Analysis
EURUSD is at the lows, now at equality level of wave 5 compared to wave 1 where an extended red wave 3) could be looking for some support. From an Elliott Wave perspective we expect a three wave rally up in red wave 4) in the next couple of days, but need to see a decisive break above the upper line of a downward channel to confirm that temporary lows are in.
EURUSD 1h Elliott Wave Analysis
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.
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