The USD has extended its gains from last week with EURUSD touching 1.3116. CHF and JPY were also weak against the buck, while AUD, CAD and GBP made some recovery.
So generally speaking, we have a mixed USD picture, but larger trends are clear; The US dollar is in bullish mode so any pullbacks within this leg will be corrective and temporary.
On GBPUSD for example we have seen a nice, solid recovery from the lows. This is becoming a complex pattern. I am looking at a double zigzag in wave 4) that may reach levels around 1.6650-1.6680 before the downtrend may continue again. 1.6560 is a key level for a coming weakness down into wave 5).
GBPUSD 1h Elliott Wave Analysis
The EUR is much weaker than GBP, as EURUSD is already in wave five, but the decline from 1.3219 should unfold in five waves, so be aware of more downside in this week, but we however see it in very late stages of impulsive weakness so traders may think twice before considering shorts.
EURUSD 1h Elliott Wave Analysis
