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EUR/USD and Gold Still Look Lower: Elliott Wave Analysis

EURUSD was higher on Friday, but stopped at key 78.6% Fib resistance so for now bearish interpretation is still valid and it may produce a really strong breakdown if we see a new impulse down to 1.1270 bearish level.

EUR/USD 4h Elliott Wave analysis

Gold has been in a recovery mode on 4h chart, away from 1751, but only in three waves that we see as wave B) into 1820-1848 resistance. Therefore, we should be aware of another leg down, into wave C) of E to complete a higher degree triangle. Current break below trendline support puts more weakness in play.

Gold 4h Elliott Wave analysis

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