Weekly Waves 8 August: EUR/USD, GBP/USD and Bitcoin

4 min read

Hi Traders,

Our weekly Elliott Wave analysis reviews the EUR/USD daily chart, the GBP/USD daily chart, and the Bitcoin crypto currency daily chart.

EUR/USD Bullish Breakout Expected for Push to 1.05

The EUR/USD is building a contracting triangle chart pattern. Let’s review what to expect with the next price swing:

  1. The EUR/USD seems to be building a sideways consolidation after price action showed a strong bullish impulsive with 3 bullish dily candles.
  2. The bullish momentum is probably a wave A (yellow) and the sideways triangle pattern is expected to be a wave B (yellow).
  3. Usually these patterns show a bullish breakout (blue arrow) to complete wave B and start wave C (yellow).
  4. However, a bearish breakout does not invalidate the wave B (yellow) as long as price action stays above the Fibonacci retracement levels of wave A.
  5. The main target for the wave C is the 38.2% Fibonacci retracement level near 1.05.
  6. A breakout above the resistance line could indicate the start of the wave C (yellow).
  7. A bearish bounce at the 38.2% Fibonacci level could complete the ABC (yellow) within wave W (pink). 
  8. A larger WXY (pink) correction could occur within wave 4 (gray) as long as the shallow resistance Fibs are respected.


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GBP/USD Bearish ABC towards 1.19-1.20

The GBP/USD is building a bearish retracement but a key support zone is nearby:

  1. The GBP/USD also seems to be building an ABC (yellow) pattern.
  2. The wave B (yellow) could make a deeper retracement towards the inverted head and shoulders support level (purple).
  3. A bullish bounce could aim at the 38.2% Fibonacci resistance level near 1.25.
  4. The ABC (yellow) could complete a wave W (pink) of a larger WXY (pink) in wave 4 (gray).
  5. A bearish ABC bounce could emerge within wave X (pink) at the 38.2% Fibonacci level.

BTC/USD Breaking Above Key Resistance

Bitcoin (BTC/USD) seems to be building an uptrend after creating several higher highs and higher lows:

  1. BTC/USD has broken above the daily highs of the past several days.
  2. The bullish breakout could indicate a bullish continuation after BTC/USD already managed to show several higher highs and higher lows.
  3. The main target of the 5 wave pattern (yellow) within a larger ABC (pink) pattern is at the 30k price level near the 23.6% Fibonacci retracement level.
  4. A break below the bottoms would invalidate the bullish reversal.
  5. A larger WXY (blue) complex correction could take place within the expected wave B (gray) correction.

Good trading,
Chris Svorcik

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