More Downside Likely For EUR/USD; GBP/USD Could Rebound
Gregor Horvat | Nov 29, 2021 06:53AM ET
EUR/USD is trading lower with an extended and accelerating price action away from 1.1607 that looks like an impulse.
More downside likely after the pair's rally. Ideally, the pair is making a new corrective rise, a fourth wave that can find resistance near the 1.1350-1.14 area.
GBP/USD has moved down as expected. It is now at a new low that we saw as wave 5) of higher degree wave C.
It can be the late stages ahead of a critical bullish reversal, especially considering RSI divergence.
But for now, the pair still has room for a 1.3250-1.33 fifth wave projection, so we are patiently waiting for a potential bounce.
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