Welcome to EURUSD & GBPUSD Elliott Wave Forecasts For This Week
EURUSD Elliott Wave Forecast
The EURUSD pair has started last week in a bearish mood, but at the middle of the week this major pair has reached 1.3471 level and with that move we have completed corrective wave 4. Last three day of the week the EURUSD pair has been pushing aggressively higher and we have seen this pair reaching 1.3704 level. On the 4-hourly chart you can see that we are in the 5th wave inside the bigger ((A)) wave that should complete around 1.3806 level (61.8% of the 5=3). Inside the 5 wave that is currently developing we are in the (iv) sub-wave and after this wave end we should see one more push higher to 1.3750 level.
Trading Plan For EURUSD
Current trend in the EURUSD is bullish, so we want to look only for buying opportunity at the moment. Best thing to do is to wait wave ((a)) to complete and from there start looking to buy from 50% of the cycle from 1.3471 level. Your stops should be 1.3470 and for profit levels you can watch 1.3806 level.
GBPUSD Elliott Wave Forecast
The GBPUSD pair has been trading mostly bullish last week just like EURUSD, during the early Wednesday London session this major pair found support around 1.5892 level, and with this move lower we ended the corrective (4) wave. On the 4-hourly chart we can see that upwards move from 1.5892 level is part of the (5) wave of the A wave. Inside this (5) wave we have only (A) wave, of the three swings that we are expected in this last wave. Next week we expect one more push higher to 1.6265 level where (A) wave should complete.
Trading Plan For GBPUSD
Similar scenario like EURUSD, cable is in the bullish trend and all the way price stay above lower trend line that you see on the chart you should look to buy this pair at 50% retrace of when cycle from 1.5892 level ends. To protect you should look at 1.5892 as invalidation point and for potential target you should look at 1.6486 level.
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Elliott Wave Forecast Team