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Gregor Horvat

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…

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EURUSD and GBPUSD Look For Higher: Elliott Wave Analysis

EURUSD has turned bullish at start of the month from 1.3670 where we called end of a double zigzag. From there market recovered clearly in impulsive fashion through the upper trendline of a corrective channel which is very important sign for a change in trend. In fact. even a decline from latest swing high is in three legs at the moment and approaching 61.8% Fibonacci level where we expect a new turn to the upside. Ideally market will revisit 1.3900 in this week, while 1.3671 low is now breached.

EURUSD 4h Elliott Wave Analysis

EURUSD 4-Hour Elliott Wave Analysis Chart

Cable is trading sideways for the last few days and moving slightly away from the highs. However, we see pullback as corrective wave B) that is part of ongoing uptrend. Therefore we expect a resumption of a bullish trend soon; ideally in the next 24 hours so traders should be aware of a push up in wave C) of (5) towards 1.6900-1.6700 region. Only move beneath 1.6657 would be a trend changer.

GBPUSD 4h Elliott Wave Analysis

GBPUSD 4-Hour Elliott Wave Analysis Chart


 

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