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
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