Elliott Wave Analysis On EURUSD And GBPUSD

By: Gregor Horvat | Wed, May 18, 2016
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EURUSD

US markets are open for trading. EURUSD is continuing to go lower and this might accelerate soon in the black wave 3 to the downside. This means we are going to see decent lower levels in this pair soon below 1.12 mark.

Invalidation levels is at 1.13476- as long as it holds we are looking for weaker prices.

EURUSD, 1H

EUR/USD 1-Hour Chart


GBPUSD

On the intraday chart of GBPUSD we are observing an idea of a zig-zag pattern, labeled as waves A), B) and C), with now price trading in it's last leg. We believe that, if price trades above 1.4480 level, than this could indicate higher prices ahead and rather than wave C), we would label this sharp action to the upside as wave 3), the most powerfull wave in a five move cycle.

GBPUSD, 1H

GBP/USD 1-Hour 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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