Elliott Wave Analysis: EURUSD and GBPUSD
Today we will start the day with EURUSD, where we can see a higher degree correction in the making. We think current rally can be sub-wave C of 2)/B), that will ideally unfold a five wave recovery within itself. Once wave C completes it rally, more weakness can follow on the pair.
GBPUSD can be trading at the start of a potential three wave recovery, after pair completed a leading diagonal within blue wave 1. As we can see, wave 1 looks to have already found a bottom, which means recent rally can be a suggestion that higher degree wave 2 can already be in the making, with potential resistance zones around the previous wave 4) at 1.2814 level or even higher at the 1.2978 level.
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