Welcome to EURUSD & GBPUSD Elliott Wave Forecasts For This Week
EURUSD Elliott Wave Forecast
The EUR/USD currency pair has remain bullish from the blue box area in 4-hour, supporting the weakness in USDX from 4-hour extreme area. It is important to note that this dip in prices represents a mere correction within the larger impulse sequence from January 13th, 2025. We have identified this correction as the (4) wave of the impulse sequence originating in January, which ended at 1.1062 low on 5.12.2025.
Earlier, we expected double correction to finish between 1.1072 – 1.0878 area in 4-hour last week before rally continue. It ended correction at 1.1062 low & react higher, indicating the bulls should be in control. A break above April-2024 high will confirm the view for targeting 1.1929 or higher levels in daily sequence.
As expected, the pair started reacting higher from the 4-Hr chart from blue box area. It ended double correction at 1.1062 low on 5.12.2025 & react higher as the part of (5) or at least 3 swings bounce. It placed first leg at 1.1266 high in 1-Hr & correcting second leg between 1.1124–1.1063 area before rally. The corrective pullback should stay above 1.1062 low to resume rally. Within 1-Hr, it expects next rally break above 1.1266 high to continue upside & bulls should stay in control.
Trade Plan for EURUSD
We close half of our long position on the pair at 1.1220 and adjusted the rest to breakeven at 1.1072. Next week, if the price pushes higher, we continue to hold. Otherwise, we buy lower again at a new blue box. For the pair, the upside is heavily favored from prices above 1.10725 or in a double correction at prices above 1.0204.
GBPUSD Elliott Wave Forecast
On May 12th, 2025, it completed a corrective pullback against the impulse rally that began in January 2025, reaching the 1.3210–1.3089 extreme zone where buyers entered new positions. At this level, the price also completed wave 2 of (3) at at 1.3137 low as pullback before continue rally in 5-wave sub-structure against 4.07.2025 low.
On the 4-hour, the 5-wave bounce from the 1.3137 low marked the completion of wave (i) of ((i)) of 1 of (3) at 1.3360 high. Given that wave (3) has the potential to extend toward the 1.387–1.432 area, buyers are likely to dominate in the coming weeks, particularly from the extreme of wave (ii) within the 1.3222–1.3153 zone or potentially from higher levels above 1.2706.
Trade Plan for GBPUSD
It’s similar with EURUSD. Price has already reacted from the extreme of a 7-swing pullback for wave 2 at 1.3137. Thus, new traders should either wait to buy the next pullback after wave 1 high ( 04.28.2025 high) is breached or buy at deeper price zone if the 05.12.2024 low is breached.
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Best Regards,
Elliott Wave Forecast Team
www.elliottwave-forecast.com
