Elliott Wave Analysis On EURUSD And GOLD
EURUSD is trading quite nicely to the dowsnide, recently breaking the lower corrective channel line, suggesting that a new bearish cycle is underway. As such the first impulse down si blue wave i, and its contratrend movement may be wave ii, which is midway through its completion. This correction in wave ii may reach the Fibonacci ratio of 61.8, before again making a reversal lower.
As expected, gold is turning down following a completed five wave rise from 1337 to 1375 that accomplished wave five of a higher degree. We see some strong bearish intraday momentum coming in which may drive price back down to former wave four, at 1337, and even lower if we consider that bigger corrective set-back can be in the cards based on the 4h chart.
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