Markets are very slow, but in risk-on mode during the last few sessions with a lower USD across the board. However, the buck seems to be consolidating, which means that sooner or later the larger USD trend may resume, maybe by the end of the week.
On EURUSD we see a sideways price action that looks like a triangle maybe already done in wave B, so wave C could reach new highs soon, above 1.2900 where we anticipate a completion of wave 4).
EURUSD 1h Elliott Wave Analysis
GBPUSD is also up, but only within a complex corrective pattern since start of October. We see a flat forming in wave 2), now already in the final stages with wave C that can be looking for a top around 1.6225 in this week. We will keep an eye on any impulsive sell-offs that would confirm a change in trend from bullish to bearish mode.
GBPUSD 1h Elliott Wave Analysis
