The USD is mixed across the board, down against the EUR, up against the CAD and AUD and sideways against the JPY. EURUSD is one of the strongest currency pairs in the past few days, so we can assume that the USD will rise across the board if EURUSD turns down. Well, before we look for a complete uptrend on that pair, we need a completed Elliott wave structure.
Looking at hourly chart, we see a fifth wave in progress, but in the very late stages of an uptrend. 1.1400 is a very important resistance area where bears could cause a turning point.
EURUSD 1h Elliott Wave Analysis
Cable is in a corrective advance from the 1.5080 low, so the upside should be limited as we see the price in a possible wave 2. Wave 22 will usually retrace for nearly 61.8% compared to wave 1, which in our case comes in at 1.5340.
Ideally the market will turn down from there in the sessions ahead, while 1.5500 top holds.
GBPUSD 1h Elliott Wave AnalysisÂ
