Elliott Wave Analysis: EURUSD and GBPUSD
On the updated count of EURUSD we see price trading in a possible zig-zag correction of a higher degree, with waves A and B already completed. Current bullish rally is part of wave C, that may see more gains in sessions ahead, ideally towards the upper channel line. At the moment we see price trading in the middle of the strongest and steepest sub-wave 3) of C so more gains can be seen already today. Invalidation level is at 1.0600 level, if it holds we are looking higher.
Cable is turning nicely up since start of the month, where pair most-likely completed a deep and complex corrective retracement from February highs down to 1.2110 level. It was a double three pattern that is now finished after a nice recovery back above 1.2384 bullish level, where overlap with wave A confirms a reversal. As such, we will look for even more upside in days ahead, out of a downward corrective channel that may open door for 1.2720, but in the mean-time we still need to be aware of a corrective set-back in wave 2.
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