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EUR/USD and GBP/USD Look Lower: Elliott Wave Analysis

Hawkish FED is causing a sharp reversal in the markets, with stocks coming down as US yields rise which makes USD very strong across the board. So we think that volatility is likely going to stay here because of Central banks policy divergences.

So one pair that we track closely is EURUSD for more weakness as ECB seems to be on the different side compared to FED. In fact, we see nice five wave drop from 1.1380 followed by only three-wave rally into 61.8% Fib so we assume that trend will stay bearish.

EUR/USD intraday Elliott Wave analysis

GBPUSD, Cable found a top yesterday, exactly at our Fib projected resistance area for wave B. We see sharp reversal and broken trendline which puts more weakness in play now for subwave C which can retrace even back to wave A levels for a flat formation.

GBP/USD intraday Elliott Wave analysis

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