EUR/USD, GBP/USD showing weakness – Elliott Wave Analysis

EUR and GBP are showing some weakness today against USD at the start of the EU session, but we see pairs in wave B as part of a correction. If we are correct then EURUSD is going to rally up to 1.1800 to complete a zigzag before turning down, while cable can be making a flat correction with resistance seen at 1.3057.

EURUSD, 1H

GBPUSD, 1H

Let’s check quickly the precious metal.

Metals are very strong for the last 48 hours, with gold trading at new high of the month after a completed complex decline down at 1251 this week. So far that’s quite a strong and interesting rise, an impulse that is approaching our 1282-1288 projection level where bulls may slow down for a three-wave set-back to 1270-1273 supports.

GOLD, 1H

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

Get the 5 most predictable currency pairs[1]

from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/XCkNvZZoo9c/

from Online Forex Trading Resource
View thesource article here

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s