EURUSD
In some examples the market is so fast that it is hard to even follow it, with sharp waves and without any big retracements. Normally this occurs when some very complex and long sideways corrective patterns are finally broken. And this is exactly what is happening on the EURUSD now; a strong bear market continuation following a completed triangle last week at 1.1300. We do not see any real pullbacks at this stage, and when they occur, they will not be deep. So, we need to consider the idea of a sharp wave V headed down to 1.0400 area.
EURUSD, 4H
GBPUSD
GBPUSD has been trading higher recently with a new leg up last week to 1.2680 where we called end of a five wave recovery from the end of October. Notice that the market then turned south, but only with three waves that found a support yesterday at 1.2300 area. We can see a nice bounce from a trendline support which sent the price back to 1.2500 level and above. It looks like an impulsive wave 1) so more gains may follow in the days ahead, but after a pullback in wave 2), which can be interesting to join the trend for a new leg up to 1.2670. Support for this undergoing wave 2) may be around the 61.8 Fibonacci ratio, from where bulls may take off.
GBPUSD, 4H
