Markets are still very slow and in tight ranges since start of the week. The USD however is showing some recovery now, but only on the intraday basis. Generally speaking USD remains in bearish mode, while stocks remain up.
On EURUSD we can see wave c now moving south that we highlighted it yesterday. Fibonacci ratios shows a nice support around at 1.3830/40 where pair may find a new base again. Rally back above 1.3880 will open door for new highs.
EURUSD 1h Elliott Wave Analysis
On GBPUSD we see slow price action above 1.6620 level after some strong sell-off yesterday through 1.6700 zone. That move yesterday was most likely wave (iii) of an impulsive decline in progress, so we suspect that current pause represents wave (iv) which means that GBPUSD has room for move down to 1.6580 for fifth wave in wave C of a higher degree.
GBPUSD 1h Elliott Wave Analysis
Written by www.ew-forecast.com
14 days trial just for 1€ >> http://www.ew-forecast.com/register
