Elliott Wave Outlook For EURUSD and GBPUSD
EURUSD
EURUSD
finally broke to the upside which was expected after few days of a sideways
price action in a shape of a triangle pattern. Pair already passed 1.3400
resistance level which now opens the door for 1.3500 or even 1.3550 level for
the next few days. Trend is bullish as long as market trades above 1.3260.
Meanwhile any pull-back to 1.3350 should prove corrective.
GBPUSD
Pound fell to a new low against the USD and
slowed down just 5 pips from 1.5750 projected level, highlighted
yesterday. Notice that pair now has five
waves down from 1.6180 which is the first evidence of a coming bounce,
especially if we respect the bullish divergence on the RSI. Larger pull-back
however could prove corrective and may stop at 1.5900 swing level that will may
react as a resistance.
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