Elliott Wave Analysis On EURGBP And EURUSD
EURGBP is moving nicely lower since we called a break out of a bearish triangle yesterday. We see pair now testing 0.8900 swing low from October 06 which is expected to be broken by a daily close price that will then open room for targets at 0.8820 and 0.8748. while 0.9057 is not breached.
EURUSD is at a new low, but for now only with a small intraday spike, with no real bearish momentum yet, so we are considering the idea that this can be wave B as part of a flat correction as decline to a new low is made by three waves at the moment. However, it's a little bit early for this call of a flat formation in wave 4), but tomorrow is ECB which usually causes an unexpected reaction so a spike up to 1.1057 before going down would not surprised me at all. Anyhow, todays bearish close beneath 1.0940 will likely suggests that price is dropping within wave 5).