Elliott Wave Analysis On EURUSD And GBPUSD

By: Gregor Horvat | Tue, Aug 16, 2016
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EURUSD

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.

EURUSD, 1H

EUR/USD 1-Hour Chart


GBPUSD

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.

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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