Elliott Wave Analysis: EURUSD and GBPUSD

By: Gregor Horvat | Thu, Dec 8, 2016
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EURUSD

EURUSD is turning sharply lower after a potentially completed A-B-C rise at 1.0850/1.0900 area that we highlighted it as important already at the start of the week. We see current turn down acting fast and accelerating, so it's likely a new impulse that may send us much lower in sessions ahead, ideally back to 1.0500 but after we see a daily price close.

EURUSD, 1h

EUR/USD 1-Hour Chart


GBPUSD

Cable is turning down from our highlighted resistance area that suggests a completed minor a-b-c- bounce, so new leg down can be here for a drop below 1.2570 swing low. Invalidation level for now remains at 1.2773.

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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