Elliott Wave Analysis On EURGBP And EURUSD
EURGBP is trading quite bearish from the highs, now in wave four, where this new spike could already be sub-wave a, the first leg of a minimum three wave pullback. That said red wave iv) could retrace to around 0.78120 level, where previous wave iv of a lower degreee could react as a resistance and a turning point into lower levels.
EURUSD has turned down from 1.1464 two weeks back were market might found a top of a wave C-circled that belongs to a big triangle formation visible on higher time frames. Well, if we are correct then pair is now still in early stages of a new leg down, thus wave D-circled if we consider that market fell from 1.1464 in impulsive fashion; either that is wave 1 or wave A. That said, despite recent turn up in the last 24 hours we think that market can decline down to 1.1143, or even lower while 1.1464 holds.
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