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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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Elliott Wave Analysis On EURGBP And EURUSD

EURGBP

EURGBP is trading quite bearish from the highs, now in wave four, where this new spike could already be sub-wave a, the first leg of a minimum three wave pullback. That said red wave iv) could retrace to around 0.78120 level, where previous wave iv of a lower degreee could react as a resistance and a turning point into lower levels.

EURGBP, 1H

EURGBP 1-Hour Chart


EURUSD

EURUSD has turned down from 1.1464 two weeks back were market might found a top of a wave C-circled that belongs to a big triangle formation visible on higher time frames. Well, if we are correct then pair is now still in early stages of a new leg down, thus wave D-circled if we consider that market fell from 1.1464 in impulsive fashion; either that is wave 1 or wave A. That said, despite recent turn up in the last 24 hours we think that market can decline down to 1.1143, or even lower while 1.1464 holds.

EURUSD, 4H

EURUSD 4-Hour Chart

 


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