Elliott wave Analysis: EUR/USD & GBP/USD looking higher


The euro/U.S dollar (EUR/USD) currency pair is making a nice and strong reaction to the upside, away from 1.229 swing low, where a temporary pullback had ended. We are now tracking a clear, five-wave impulse in the making, which can take price toward the 1.2420-1.2450 region in upcoming sessions. Temporary, minor pullbacks will follow, and blue wave iv can be next, with support at the upper channel line.

EUR/USD, 1-hour



The British pound/Aussie dollar (GBP/AUD) currency pair can be trading out of an EW triangle correction, which looks completed at the 1.8252 level. Current intra-day recovery can be part of final wave V, which can see limited upside at the 1.8605/1.8700 region, and make a turn lower.

GBP/AUD, 4-hour