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Elliott Wave Analysis On EURUSD And EURGBP

EURUSD

EURUSD is turning up ahead of the US cash market so looks like that US currency could be weak during US session today. We see wave b triangle near completion, but still need that push above 1.1425 that would open door for 1.1500 projected level for wave c-circled.

EURUSD, 1H

EURUSD 1-Hour Chart


EURGBP

EURGBP made sharp leg down earlier based on strong bounce on cable. However, weak EUR may stop here based on 38.2% Fibonacci retracement where pair can be looking for a base of a red wave 4). We expect red wave 5) to unfold this week, that may rise above to 0.8150, while 0.7948 invalidation level is not broken.

EURGBP, 4H

UERGBP 1-Hour Chart

 


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