USD was down across the board yesterday, but up against the JPY because of a higher stock market. EURUSD jumped sharply yesterday and reached the 1.1500-1.1540 area that we highlighted yesterday. The market already turned slightly down from our Fibonacci resistance area, but the current leg down is definitely too small to confirm end of wave C in 4). We need a bearish impulse back towards wave B levels to confirm end of a corrective advance. I would be interested in shorts if we get a five wave drop from the high.
EURUSD 1h Elliott Wave AnalysisÂ
On GBPUSD we are also tracking a bearish pattern, but a triangle that can be near completion after a leg to the upper side of triangle range. However, wave E is very sharp, so we are not really sure if that’s a triangle. However, the count is still valid, but we would love to see a drop back towards 1.5000 in impulsive price action to confirm more coming weakness for red wave 5).
GBPUSD 1h Elliott Wave Analysis
