Elliott Wave Analysis On EURUSD And GBPUSD
US markets will open in a few minutes. In the meantime EURUSD made a sharp push up reaching our initial area from 1.1280 to 1.1320 from where we have seen a potential beginning of a reversal lower. We need of course a completed impulse down for confirmation for this reversal.
GBPUSD made a five wave move from the lows on the presented time frame from recent lows which we potentially see as a possible temporary bottom. We need to see more upside in the coming days to have a full confirmation of this reversal that is now taking place. Current blue a-b-c pullback should then find its support around 1.2920 area.
Invalidation is at previous lows at 1.2866.