Technical Analysis

Elliott Wave analysis: EURUSD and GBPUSD eye more downside

22-Nov-2021 11:19:20

EURUSD is coming much lower with an extended and accelerating price action away from 1.1607 that looks like an impulse so we are aware of more downside after rallies. Ideally, another bounce will show up in the near future, a red wave 4) back to 1.1377 resistance from where we can expect another sell-off as part of ongoing sub wave D) within a triangle from a daily chart.

GBPUSD is sharply down again in the 4-hour chart after a slow corrective recovery, which we ideally still see it as wave 4) correction that can send the price back to lows, probably for the final wave 5) of C. Break below 1.3394 makes a room for 1.3300.

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