Markets are mixed today as investors and speculators seem to be unsure about the FED; will they taper in September or no!? I personally think they will not; it’s just too risky for the markets. But that’s just my opinion, the charts are the one that matters the most.On the EURUSD I can count five waves of decline so current bounce I believe will prove corrective. Resistance area comes in at 1.3380-1.3410, while critical level remains at 1.3450 because we know that any corrective bounce must not retrace for more than 100% against previous impulse.
EURUSD 30min – Elliott Wave Analysis
On GBPUSD we are tracking similar count; we see an impulse down which has unfolded perfect based on our prediction yesterday when we highlighted an ending diagonal. The latest price action suggests that top is in and that prices will be moving lower as we go forward in time. 1.5715 must not be breached.
GBPUSD 1h – Elliott Wave Analysis
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