Top trade idea for August 31st, 2015 – EUR/USD & GBP/USD

Top trade idea for August 31st, 2015 – EUR/USD & GBP/USD

By Gregor Horvat on Aug 31, 2015 12:49:20 GMT

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The USD recovered nicely against the EUR last week, clearly with five waves down which means that we are turning bearish again on EUR. However, firstly we need three wave bounce, before we can look for more weakness. Well, price can already be in a correction, but there is room for 1.131-1.1370 before downtrend may finally resume. Ideally pair will fall later this week.

EURUSD 30min Elliott Wave Analysis

GBPUSD is showing very similar price action; pair seems to be forming an A-B-C correction in wave 2) which can be looking for top at 1.5510 resistance of a former wave four. Today is also holiday in UK, so pair can be slow; ideal timing for a correction.

GBPUSD 1h Elliott Wave Analysis

About Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/ Try EW-Forecast.com’s Services Free For 7 Days at http://www.ew-forecast.com/service

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