Elliott Wave Outlook For EURUSD and GBPUSD

EURUSD

EURUSD finally broke to the upside which was expected after few days of a sideways price action in a shape of a triangle pattern. Pair already passed 1.3400 resistance level which now opens the door for 1.3500 or even 1.3550 level for the next few days. Trend is bullish as long as market trades above 1.3260. Meanwhile any pull-back to 1.3350 should prove corrective. 

GBPUSD

Pound fell to a new low against the USD and slowed down just 5 pips from 1.5750 projected level, highlighted yesterday.  Notice that pair now has five waves down from 1.6180 which is the first evidence of a coming bounce, especially if we respect the bullish divergence on the RSI. Larger pull-back however could prove corrective and may stop at 1.5900 swing level that will may react as a resistance.

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Tags: EURUSD, Elliott, GBPUSD, Wave, outlook

Comment by Khalil Sidi on January 25, 2013 at 1:30pm

very helpful, thanks

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