Despite recent decline and test of Fridays low we suspect that wave 4) correction is still unfolding. Ideally we will see an A-B-C rally up into one of resistance levels before market turns down again, through 1.5000.
GBPUSD 1h Elliott Wave Analysis
EURUSD is at the lows, now at equality level of wave 5 compared to wave 1 where an extended red wave 3) could be looking for some support. From an Elliott Wave perspective we expect a three wave rally up in red wave 4) in the next couple of days, but need to see a decisive break above the upper line of a downward channel to confirm that temporary lows are in.
EURUSD 1h Elliott Wave Analysis