Elliott Intraday Analysis On EURUSD And GBPUSD
EURUSD
We have US NFP report in a few hours which may have a strong impact on markets since it will tell us a lot about potential new rate hike from the FED this month. But as always I am focused on technicals, so no matter what the news says, we should remain bullish on the buck.
On the EURUSD we have seen a nice three wave rally up to 1.1217 resistance from where recent sharp turn lower suggests more weakness ahead as wave 5 is most-likely already underway.
EURUSD, 1H
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GBPUSD
GBPUSD also looks bearish after that strong leg down from 1.4750 with an extended decline in wave three so it can be a bearish impulse that will continue after a wave four bounce. We see wave four now in progress with final sub-wave c) that may look for a resistance near 1.4507.
GBPUSD, 1H
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