Markets did not change much since last week. We see a bullish USD trend across the board, especially against the commodity currencies. However, EUR and GBP recovered last week, but those may turn bearish once again soon, so it can be a shift in positions from AUD, CAD shorts into new shorts on EUR and GBP.
On EURUSD we have seen a nice rally up to 1.2978 that showed a top formation on Friday. The price is now already testing a channel support line where a breakdown will make a room for new lows.
EURUSD 1h Elliott Wave Analysis
On GBPUSD we also expect a downtrend resumption in days ahead, but we shall see new high first. There is still an open gap around 1.6330 that can be filled with wave C to complete wave 4) sometime this week.
GBPUSD 1h Elliott Wave Analysis
