Forex Analysis
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Analysis of EUR/USD and GBP/USD for January 29. Ahead of the Fed meeting, both European currencies continue to decline

On January 28, the EUR/USD pair gained several base points and thus continues to build the expected wave y. Markets continue to get rid of the European currency. An unsuccessful attempt to break through the Fibonacci level of 76.4% may lead to quotes moving away from the reached lows and completing the construction of a downward wave and the entire downward trend section.
by Jeff Wecker
Forex Analysis
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Analysis of EUR/USD and GBP/USD for January 27. Business activity indices did not save either the euro or the pound from a new decline

On January 24, the EUR/USD pair lost about 30 basis points and thus continues to build the expected wave y. If this is true, then a successful attempt to break the 76.4% Fibonacci mark indicates that the markets are ready for further sales of the euro currency. The wave y becomes more extended than originally calculated. Around the 100.0% Fibonacci level, its construction may be completed.
by Jeff Wecker