Elliott Wave Analysis: EURUSD And GBPUSD

Gregor Horvat

EURUSD is slow and choppy because of holidays, so we think that pair is still trapped in a corrective price movement. We are tracking a complex structure which is expected to unfold in seven swings. We are tracking a double zigzag which may see limited upside this week near 1.0690-1.0710. Bearish turn may show up from there in impulsive fashion.

EURUSD Hourly Chart

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GBPUSD: As traders, it may not be a bad idea to keep an eye on some markets with USD bearish view, especially on those with a clean structure. We are looking at cable which may see a three-wave pullback now back to 1.2480 region where pair may look for a bounce. If this would prove to be the case and EURUSD would continue to rise then our special attention would be cable for sure.

GBPUSD Hourly Chart

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Source: www.ew-forecast.com

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