EURUSD True Wave Count

Eurusd 1hr

Here we have an extended 1st wave. Expecting the Eurusd to rally to around 1.0793 before falling.
Key level to watch is 1.0675 if prices fall back below 1.0675 expect lower prices

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EURUSD Analysis

EURUSD 1HR

EURUSD has completed a 5 wave down move and is in a strong downtrend following the hawkish tone of the Fed interested rate statement, which boost sentiments of a possible rate hike in December.

Expecting the EURUSD to rally to around 1.1195 which represents the 50 Fibonacci level of the 5 wave down move before falling. The 1.1177 level represents a possible C extension of the recent AB price swing, hence the 1.117-1.119 is a key price area to watch for price action. However a key resistance level to watch is the 1.1100 level, if prices fail to close above this level expect lower prices

EURUSD Analysis

EURUSD 1Hr

The EURUSD has broken a long term down trend line and is currently at the 1.41 retracement level of the XA price swing. The EURUSD as also completed 3 waves of a potential 5 wave up move. Prices are expected to retrace to around the 1.1312 level completing wave 4 before rising to retest the highs.

The key level to watch is the 1.1378 price level as this level represents the 1.41 retracement of the Gartley XA leg and the 2.24 retracement of the Gartley BC leg. The 1.1378 price level also represents the potential end of the third wave and it is the 1.618 extension of wave (i). Expecting prices to fall to around 1.1312 before rising. If prices however, fall below 1.1284 expect lower prices.

EURUSD Analysis

EURUSD 1HR

The Eurusd has been falling steadily since last Friday and is currently forming a Gartley butterfly pattern. There is an high probability that the Eurusd will fulfill this pattern by finding support around 1.1147 - 1.1129 price zone which represents the 1.27- 1.41 retracement of the XA up move.

 The Eurusd is currently at 1.1147 the 1.27 retracement of the XA up move, if this price level fail to hold the next price level to watch is the 1.1129 price level which represent the 1.41 retracement level. The price action withing this price zone is key, we want to see signs of strength signs of demand entering the market to confirm the pattern. If prices close strongly below 1.41 the pattern is invalid.

GBPUSD Analysis

GBPUSD 1Hr

The GBPUSD looks to be fulfilling an ABC corrective pattern in which the length of wave C should be equal to the length of wave A. Wave C should end at around 1.5522 which is right below the 50 percent retracement level and where the long term uptrend line converges with the lower channel line, as a result 1.5522 is a key support level.

GBPUSD 1Hr

The 1 hour chart shows that the market is currently in wave 4 with wave 5 expected to end around 1.5522.

Key levels to watch 1.5645 key resistance level  and 1.5563