EUR/USD - possible wave 5 higher

[joaquinmonfort]

 

Eurodollar will probably resume its rally given the strength of the powerful up-move yesterday which is likely to continue, as well as the wave count which indicates the current rally may be a 5th wave, of the move from the July lows. A decisive break above 1.3050 would provide strong bullish confirmation. The target higher could be the old highs and the monthly pivot at 1.3175. The trend-line at 1.2970 would be expected to provide support to any down-move.

[joaquinmonfort]

GBP/USD: technical analysis

 

 

Cable is trading in a tight consolidation ahead of the release of Non-farm payrolls data. It rose strongly yesterday from support at the monthly pivot and it is possible it will continue higher. A move above 1.6210 might give strong confirmation of a rise higher, perhaps to the 1.6305 highs or the cluster of pivots above that at 1.6350. A break below 1.6150 alternatively might open the way to a possible move down to support at the 1.6095 lows.