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EURGBP and EURUSD Intraday: Elliott Wave Analysis

A week back I already posted count for EURGBP when I highlighted ongoing complex corrective wave 4. I was looking for wave (c) rally as part of a triangle, but notice that move from 0.7800 is sharp with personality of an impulse. As such, it's probably part of a flat correction but still need one more push up to 0.8050/0.8080 area to complete a rally. A bearish reversal could be seen from that region in the next 24-48hours of trading.

EURGBP 4h Elliott Wave Analysis

EURGBP 4-Hour Elliott Wave Analysis Chart

An intraday decline on EURUSD to 1.2500 looks corrective so obviously bulls are still underway within current wave 4 that is now underway for almost two weeks. We are looking at updated count with ending diagonal that can be taking place in wave (c). If that is the right count, then top will form around 1.2610/30 area. Generally speaking we still think that sooner or later pair will turn south.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

 


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